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Gold August 21, 2019 02:30:09 PM

Tanzania's First-Ever Gold Refinery Set to Begin Operations in October

Paul Ploumis
ScrapMonster Author
The commissioning of the gold refinery plant is expected to propel development of gold industry in the country.

Tanzania's First-Ever Gold Refinery Set to Begin Operations in October

SEATTLE (Scrap Monster): Tanzania’s first gold refinery plant, under construction in the capital city of Dodoma, is expected to be completed by October this year. The construction of the refinery has reached almost 70%.

Upon full completion, the refinery will start exporting fully refined gold. Previously, Tanzania used to refine gold outside of the country. Initially, the plant will be able to process 30 kilograms per day, which will later be increased to at least one tonne per day by end-2020. The refinery will create jobs for residents.

The commissioning of the gold refinery plant is expected to propel development of gold industry in the country. Furthermore, it will also help to curb illegal gold exports out of the country. As per estimates more than 90% of the gold produced by small-scale miners in the country are illegally exported to other countries. It must be noted that the Tanzanian government had set up government-controlled mineral trading centres, in a bid to curb illegal gold exports.

The operations of the refinery are expected to boost the establishment of national gold reserve, as proposed in the Mining Act. It will also enable the Central Bank of Tanzania to purchase and store gold.

ALSO READ: Tanzania Gold Export Earnings Witnessed Massive Surge

Doto Biteko, Minister for Minerals, while conducting a tour of the proposed plant, stated that Tanzanians will be able to start selling refined gold once the plant becomes operational. It will also enable the country to have adequate quantities of gold reserves, like some developed countries. The construction works on the other plant in the Lake Zone is progressing well, Biteko noted.

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