Tanzania Records USD 856.6 million On Mineral Recovery Largely From Gold And Coal

By Prosper Makene

The value of Tanzania’s mineral recovery grew by 25.8 percent to USD 856.6 million from the value recorded in the corresponding quarter in 2022, mostly driven by gold and coal, the Bank of Tanzania’s latest report said.

The Central Bank’s Consolidated Zonal Economic Performance report for the quarter ending march 2023  also said: “As for coal, the increase was on account of both price and volume effects largely following growing external demand, particularly from the Democratic Republic of the Congo, Spain, Poland, Senegal, the United Arab Emirates, Kenya and India. The performance in gold was also driven by price and volume effect.”

Consolidated Zonal Economic Performance report noted: “There was no recovery of diamond during the quarter following the suspension of mining activities at Williamson Mines due to operational challenges. Lake zone accounted for 51.9 percent of the total value of minerals, followed by Southern Highlands zone with 22.3 percent.”

It underscored that the value of minerals traded at market centres improved by 40.7 percent to TZS 684.1 billion from the amount recorded in the corresponding quarter in 2022, driven by gold and gemstones.

“The increase was recorded in all zones with the exception of South Eastern zone. Growing mining activities by artisanal and small scale miners, increased awareness, and improved management of mining activities by the Government contributed to the performance.

Gold continued to account for the largest share of the total value of minerals traded at market centres at 95.5 percent,” the report concludes.