Tanzania holds 36 million ounces of Gold reserves
Analysts said Tanzania's gold resources have the potential to contribute significantly to the development of the country.
DAR ESSALAM(BullionStreet): Africa's third largest gold producer Tanzania's gold reserves are in excess of 36 milllion ounces, according to country's mines ministry.
The ministry said gold production now accounts for over 41.3% of Tanzania’s export earnings, 75% of foreign direct investment (FDI) and an increasing share of taxes, representing 3.6% of GDP and, contributing 4% of its growth.
Analysts said Tanzania’s gold resources have the potential to contribute significantly to the development of the country.
However, they added that serious challenges remain in particular those related to land: land degradation by both small- and large-scale mining issues of access to land and compensation for its loss.
Despite a recent hiccup with African Barrick Gold, Tanzania has renewed it's North Mara mining site’s licence for a 15-year term despite controversy surrounding the area.
The special mining licences (SML) 17/96 and 18/96 will be based on the same terms as the previous licences.
The original North Mara SMLs were issued in February 2000 and had expired in September 2011 but the mine continued to operate due to the rollover provisions contained in the Tanzanian Mining Act.
ABG said it had worked with the government over the past 18 months to get the renewal under the Mining Act 2010.
Barrick Gold was at the centre of negative publicity due to the human-rights abuses allegedly occurring at its mines at North Mara in 2011.
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