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Tanzania to add gold to reserves, resume $3 billion iron project
By Fumbuka Ng'Wanakilala
Bloomberg News
Sunday, June 13, 2021
Tanzania launched a new gold refinery as its central bank plans to start buying the metal to diversify its reserves.
The Mwanza Precious Metal Refinery Ltd. is able to process 480 kilogrammes of gold per day, and plans to double the capacity in a few months, Tanzanian President Samia Suluhu Hassan said in a televised speech today.
... Dispatch continues below ...
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The nation's State Mining Corporation has a 25% stake in the project, while Dubai-based Rozella General Trading LLC and Singapore's ACME Consultant Engineers PTE Ltd. own the rest.
Establishing the refinery is part of the government's plan to add value locally from its resources. Tanzania vies with Mali as Africa's third-largest gold producer. It also has an estimated 57 trillion cubic feet of natural gas reserves.
Hassan said the government wants to raise the contribution of mining to Tanzania's gross domestic product to 10% by 2025 from the current 6.7%. ...
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