Tanzania's gold potential now at 1,000m ounces Monday, 07 April 2008 By Daniel Said DAR ES SALAAM, TANZANIA Estimates are putting Tanzanias gold potential at 1,000 million ounces which are open for exploration activities, the Tanzania Chamber of Minerals and Energy said last week. However, despite the stated wealth, Tanzania is currently exploiting only 4% of the potential. The chamber has therefore advocated against further taxation of investors arguing that it will reduce the countrys global competitiveness in attracting mining investors. Instead, the chamber has advised the government to develop roads, improve railways, ports and provide reliable electricity to support the growing mining sector. Last week the chamber said in a statement that while the foreign shareholders had not reaped any dividends from gold mining operations from 1997 when the first mine was opened to 2005, Tanzania has already received a total of $ 255,526,893 in statutory taxes and royalties from large mining operators. The chamber revealed that between 1997 and 2005, mining companies which are members of the chamber produced gold worth $ 2.54 billion and $74.7million in royalty. The future holds bright prospects for the country, but not through further taxation because that will reduce Tanzanias global competitiveness in attracting investments in mining, said the statement in part.