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2011 Gold Production in Tanzania Up 13%

Discussion in 'Jukwaa la Siasa' started by nngu007, May 19, 2012.

  1. nngu007

    nngu007 JF-Expert Member

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    By ESTHER TANQUINTIC-MISA:

    May 16, 2012 10:38 PM EDT

    Production of the precious safe haven yellow metal gold by Tanzania, Africa's fourth largest gold producer, jumped 13 per cent to 40.4 tonnes in 2011 from 35.6 tonnes in 2010, as companies increased production output prompted by the metal's rising price during the period in reviews.

    In a report on its Web site, the Central Bank of Tanzania said earnings from gold exports in 2011 rose 47 per cent to $2.226 billion.

    As the country's biggest foreign exchange earner, gold contributed for 59.1 per cent of Tanzania's total non-traditional exports last year. It exports its gold to Switzerland, China and South Africa, along with diamonds and tanzanite.

    "The price of gold went up by 28 per cent to $1,568 per troy ounce and the export volume increased to 40.4 tonnes from 35.6 tonnes recorded in 2010," the Central Bank of Tanzania said.

    Meanwhile, African Barrick Gold, a unit of the world's largest gold producer Barrick Gold, announced on Wednesday it has voluntarily increased by 1 per cent royalty dues to the Tanzanian government.

    The new royalty is apart from the 3 per cent rate specified in Mineral Development Agreements that African Barrick Gold signed with the Tanzanian government.

    African Barrick Gold, which has four producing mines located in northwest Tanzania, contributed $176 million in taxes to Tanzania, and spent $400 million with Tanzanian registered suppliers and contractors in 2011.
     
  2. nngu007

    nngu007 JF-Expert Member

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    President Kikwete recently during the naming of the new cabinet he mentioned that the biggest foreign earner is Tourism

    then Minerals in general; but in reality GOLD is the biggest foreign exchange earner and not Tourism, why our President is

    trying not to tell us the truth? why lying to the Mass? Is there a reason to mislead the population on forex earning?

    And, I see Barrick added 1% royalty to the TZ GVT.
     
  3. K

    King kingo JF-Expert Member

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    May 19, 2012
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    president doesnt know the biggest foreign exchange earner for his country what a shame...duh hii inatokea Tanzania tu..
     
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