- Write by:
-
Friday, April 30, 2021 - 14:26:32
-
409 Visit
-
Print
Mining News Pro - A new gold refinery set to be the biggest in Tanzania has begun production in a step towards the government's aim of processing more of the precious metal domestically.
Africa's fourth-biggest gold producer and home to industrial gold mines run by Barrick, AngloGold Ashanti and others, Tanzania has been trying to formalise subsistence gold mining and develop refineries to generate more revenue from the sector.
The refinery in Mwanza, a city on Lake Victoria, is processing gold from sources including subsistence or "artisanal" miners, Tanzania's State Mining Corporation (Stamico), a 25% shareholder, said.
Subsistence miners have been estimated to number around 1 - 1.5 million in Tanzania, though the actual number could be much higher. Gold mining has become more attractive as prices jumped.
"Our major source of raw gold will be from artisanal miners, middle and larger miners. We also expect raw gold from neighbouring countries," Venance Mwasse, acting managing director of Stamico told Reuters by phone. He did not specify from which other countries he expects gold.
Mwanza Precious Metal Refinery refined 47 kilogrammes of gold on its first day of operations on April 21 and has capacity to refine up to 480 kilogrammes of gold per day at 99.99% purity, Mwasse said.
Dubai-based Rozella General Trading LLC and Singapore-based ACME Consultant Engineers PTE Ltd together hold a 75% stake in the refinery, according to a statement from Stamico which did not specify the individual shares held by Rozella and ACME.
Spot gold was trading at $1,764.50 per ounce on Thursday.
Rozella General Trading did not respond to an emailed request for comment. Reuters could not immediately contact ACME Consultant Engineers PTE Ltd.
Mwasse said the refinery plans to help artisanal miners produce more gold, and has met with dealers and brokers to bring in more gold.
Short Link:
https://www.miningnews.ir/En/News/613338
Barrick Gold faced criticism outside its annual general meeting on Tuesday in Toronto for supporting Malian rulers with ...
Gold wavered as traders looked ahead to a week with a Federal Reserve rate decision meeting and key US jobs data.
Newmont Corp beat Wall Street estimates for first-quarter profit on Thursday, as the world’s largest gold miner ...
China’s Zhaojin Mining Industry said on Wednesday that its A$733 million ($477.8 million) offer to buy Australia’s ...
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
Ghana Mine Workers Union is demanding the termination of the mining lease of Future Global Resources Ltd. because the ...
Gold’s record-setting rally this year has puzzled market watchers as bullion has roared higher despite headwinds that ...
AbraSilver Resource said on Monday it has received investments from both Kinross Gold and Central Puerto, Argentina’s ...
Gold took a tumble as haven demand waned after geopolitical tensions eased in the Middle East.
No comments have been posted yet ...