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Gold January 22, 2019 11:30:07 AM

Tanzania's Big Push for Gold Smelter

Paul Ploumis
ScrapMonster Author
The proposal to build own smelter was initially proposed in 209 by the Presidential Mining Review Team led by Judge Mark Bomani.

Tanzania's Big Push for Gold Smelter

SEATTLE (Scrap Monster): Tanzania is in final stages of negotiations with investors towards construction of gold smelter in the country. The proposed smelter is expected to propel the development of gold industry in the country and create hundreds of new job opportunities. The Tanzanian President has also directed the central bank to create a gold reserve. Incidentally, Tanzania is the fourth largest gold producer in the entire African region.

According to Stanislaus Nyongo, Deputy Minister for Minerals, the government has already received around 20 proposals from various mining firms to build the smelter. Many potential investors are deeply concerned about the availability of gold and copper concentrates for smelting. The various proposals are under the government’s consideration. Furthermore, the government is in all efforts address the issues raised by investors before a final nod is given for smelter construction, Nyongo added.

The proposal to build own smelter was initially proposed in 209 by the Presidential Mining Review Team led by Judge Mark Bomani. However, it was rejected by the Tazmania Mineral Audit Agency (TMAA) on cost grounds.

Meantime, Tanzanian President John Magufuli has urged the central bank to invest in creating a gold reserve. Further, he announced the government’s intention to regulate the country’s mining sector, which is plagued by many problems including mineral smuggling fraud and underreporting.

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