This archive report was first published on 16 September 2019.
Published on September 16, 2019, Tanzania is on the cusp of a major economic boost with the completion of its first gold refinery in Dodoma, the country's administrative capital, expected in the next six weeks.
The refinery, which is more than 80 per cent complete, will cost $15 million and will process raw gold produced in over 19 regions in Tanzania and neighboring countries such as the Democratic Republic of Congo.
According to Prince Mgisha, the chief operating officer of Eyes of Africa Ltd, a Serbian mining company that owns the refinery, the plant will have a production capacity of minimum 40 kilogrammes of refined gold per day, processed from almost one tonne of gold ore.
"As Africa's fourth-largest gold producer, this is a huge step for our country and economy," said Dotto Biteko, Tanzania's Minister for Minerals during a recent media tour of the refinery.
The Bank of Tanzania plans to run a gold reserve with locally-refined stock in a bid to tap into the business potential of the Dodoma gold refinery.
"Artisanal and small-scale miners in the country have suffered from a lack of loans, capital and poor investment, but this is about to change," said Mr Mgisha, adding that when the price of gold goes up, the same gold used as collateral for loans could still be sold for a higher price.
