Gold production drops 33% in Q3

Gold production by large scale miners in the country decreased 33.4 per cent in three months ending September compared to a year ago owing to winding up of operations by Tulawaka and Resolute gold mines following expiry of their mining licences.

The Bank of Tanzania reveals in its latest report that during the quarter ending September 2013, the country saw only 7,210.8 kilogrammes of gold produced lower than the 10,840.9 kilogrammes recorded in the corresponding period in 2012.

Similarly, the value of gold produced in the country declined to $375.8 million in the period under review compared to $540.1 million that was realised in the third quarter ending September 2012, according to BoT data.

“The decrease of gold value in the quarter ending September 2013 was a result of a decline in both volume and prices in the world market,” says the report.

Production of diamond also declined during the period under review to 21,946 carats from 28,069.2 carats that were recorded in the corresponding period in 2012.

Due to the decrease in volume, the value of diamond also decreased by 36.6 per cent to $5.5 million in the period under review from $8.7 million recorded in the corresponding period a year before.

However, according to the report diamond production dropped significantly from 50,888.2 carats that were recorded in the quarter ending June 2013 to 21,946 carats that were recorded in the quarter ending September.

The value of diamond in the quarter ending June 2013 was $14 million.
Source: The Citizen, reported by Veneranda Sumila from Dar es Salaam, Tanzania
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