Tanzania Gold Export Earnings Soared 42%

The gold exports totalled $2.14 billion in the initial eleven-month period of 2019.

SEATTLE (Scrap Monster): The gold export earnings surged higher significantly by 42% in Tanzania during the month of November 2019. The higher shipment volumes and escalated gold prices contributed to the earnings growth, said The Bank of Tanzania, in its monthly economic review.

The gold exports totalled $2.14 billion in the initial eleven-month period of 2019, as compared with the exports which had totalled only $1.51 billion in the corresponding period in 2018. The bank did not provide details on the quantity of gold volumes exported. Meantime, the overall exports by Tanzania soared 12% to $9.53 billion in Jan-Nov ’19. The earnings from tourism too reported.

The bank noted that the tremendous jump in exports is partly attributed to the recent policy actions by the country’s administration aimed at effective management of mining activities in the country. The alterations to minerals legislation had resulted in greater state equity participation and hike in levies and taxes.

Incidentally, Tanzania is the fourth biggest African gold producer, after South Africa, Ghana and Mali.

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