SA to build fence on Zimbabwe border 'to stem virus'
A man mines gold. Artisanal and small-scale miners will benefit from the new refinery in Dodoma, Tanzania, as they will be able to use their gold as collateral for loans. [File photo: NMG]
Tanzania is set to earn more from its gold once the first refinery is completed in the country’s administrative capital Dodoma in the next six weeks.
The gold refinery is currently more than 80 per cent complete, and the first trial is set for October 25.
According to Prince Mgisha, the chief operating officer of Eyes of Africa Ltd, a Serbian mining company that owns the refinery, the plant will cost $15 million and will process raw gold produced in over 19 regions in Tanzania and neighbouring countries such as the Democratic Republic of Congo.
After decades of exporting raw gold, Tanzania will now export the refined product and earn more from the value addition.
“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. The refinery is also expected to create employment opportunities for locals.
By Beatrice MateruSource: The East African
Just in: Total confirms Covid-19 case in Afungi, Mozambique - Zitamar