Tanzania

Gold has overtaken tourism as Tanzania’s biggest foreign-exchange earner, while Barrick’s joint venture with the Tanzanian government paid its first cash dividend of $250 million earlier this week. The East African nation’s gold-mining industry is showing signs of a renaissance following a crackdown on smuggling and the settlement of a …

The Government of Tanzania has officially published regulations concerning graphite concentrate exports. The updated regulation continues the policy of maintaining a minimum graphite concentration of 65% total graphitic carbon and payment of royalties as conditions of export. The 2020 regulations revoke 2019 The Mining Guidelines of 2019. Black Rock has …

Accidentally millionaire, Saniniu Laizer, has discovered yet another giant violet-blue stone weighing 6.3 kilograms (13.9 pounds). This is within two months of becoming a millionaire overnight in June after his mining company discovered two rough Tanzania gemstones worth $3.4 million and believed to be the largest in the world. Laizer, …

Tanzania Gold Corporation (TGC) is in the process of developing a significant gold mine at the Buckreef project, in Tanzania. The NYSE- and TSX-listed company has drawn down an initial $4-million in funding from a $14-million unsecured convertible debenture it has with institutional investors Riverfort Global Opportunities and a hedge …

Tanzanian Gold has strengthened its balance sheet by converting US$8.4 million of outstanding gold loans and convertible loans into common shares. The Company has also signed a flexible financing agreement for up to US$14 million of unsecured convertible debentures with institutional investors Riverfort Global Opportunities PLC. and YA II PN, Ltd. …

According to a report, a group of the United Nations (UN) experts found that gold production in the East African region of the Democratic Republic of Congo (DRC) is being systematically underreported while tonnes of the precious metal are smuggled into global supply chains through its eastern neighbours. The Democratic Republic …

Tanzania continues to benefit from mining sector reforms, with the sector’s contribution to GDP in 2018/19 increasing to 5 per cent, up from 4.8 per cent the previous year. Since taking the office in 2015, President Magufuli has been pushing for more revenues from the mining sector. His government introduced …

With coronavirus affecting a lot of industries around the world and nearly crippling economies in its wake, there’s reason to believe that the pandemic will as well mar Africa’s mining, especially the sector of gold. Over the years, huge mining operations in Africa have generated significant profits for foreign companies. …

Barrick’s Tanzania subsidiary Twiga Minerals has resumed exports of gold concentrate after receiving clearance for its first shipments. The shipment is the first after the lifting of a government ban imposed during a tax dispute with the mining company. The dispute originally involved Acacia Mining, which was taken over by …

Athi River Mining (ARM) is reportedly seeking to dispose of its Rwanda and South African subsidiaries to pay off $284 million owed to creditors. The troubled cement maker has a mountain of debts owed to creditors in Kenya ($170 million), Tanzania ($110 million) and Rwanda ($4 million). Administrators of the …