Tanzania Gold Export Earnings Witnessed Massive Surge

SEATTLE (Scrap Monster): The most recently published monthly economic review report by the Bank of Tanzania (BoT) suggests notable surge in gold export revenues by the country in the year ended March this year. The stricter checks by government authorities on mining activities and boosted production by major gold producers led to the sharp surge in earnings, BoT report said.

According to BoT, the export earnings from gold totaled $1.68 billion in the year ending March 2019. This is almost 10% higher when compared with the earnings of $1.53 billion recorded during the prior year. Also, gold accounted for nearly 50% of the non-traditional exports from the country. Meantime, gold prices declined from $1,284.9 per troy ounce in March 2018 to $1,263.1 per troy ounce in March this year.

The actions by the Minerals Commission, which took over the operations from the Tanzania Mineral Audit Agency (TMAA), have led to strengthening of auditing process, thus resulting in increased earnings from the entire mining sector including gold. The allocation of mining official to large mining site in order to supervise production statistics, coupled with the efforts of Tanzania Revenue Authority (TRA) officials, have ensured proper audit checks. Incidentally, major miners including North Mara and Geita Gold Mine (GGM) boosted their production level during the year.