GOVERNMENT COMPLETES SIGNING OF GOLD PURCHASE AND REFINING AGREEMENTS.



● In the past nine months, 5 tonnes of refined gold have been purchased.
● The target is to purchase 6 tonnes of gold in the 2024/2025 fiscal year.
● Nine mineral refining plants to be established in the country.
● Stakeholders commend President Dr. Samia Suluhu Hassan for her efforts in advancing the mining sector.

Dodoma

The Government of the United Republic of Tanzania, through the Bank of Tanzania (BoT), will continue to strengthen its Gold Purchase and Reserve Program by acquiring refined gold at a purity of 99.9% from mines and gold refineries to build strong foreign exchange reserves.

This was announced on June 16, 2025, by the Minister for Finance, Dr. Mwigulu Nchemba, during the signing ceremony of gold purchase and refining agreements between BoT and mining companies, including Geita Gold Refinery (GGR), Shanta Mining, Backreef, and the Geita Gold Refinery plant.

Dr. Nchemba applauded the Ministry of Minerals and the Negotiation Team for overseeing the program, under which 5 tonnes of refined gold (99.9% purity) have already been purchased and stored by BoT.

On his part, the Minister for Minerals, Hon. Anthony Mavunde, stated that the mining sector in Tanzania continues to grow rapidly year after year due to effective management, tighter control over smuggling, legal reforms, and improved mineral market systems.

Mavunde revealed that in the fiscal year 2025/2026, the mining sector generated TZS 165 billion in government revenue collections.

He further explained that various sectoral reforms have significantly increased the sector’s contribution to the Government Consolidated Fund, with TZS 753 billion collected in the 2023/2024 fiscal year.

Providing an update on the current fiscal year 2024/2025, Mavunde announced that by June 2025, the mining sector had already contributed TZS 970 billion to the Government Consolidated Fund—just shy of reaching the TZS 1 trillion target.

The Minister expressed gratitude to President Dr. Samia Suluhu Hassan for her leadership and continued efforts to ensure that the mining sector remains a major contributor to the national economy.

Meanwhile, the Governor of the Bank of Tanzania, Hon. Emmanuel Tutuba, commended the Ministry of Minerals, the Mining Commission, and the Negotiation Team for completing all negotiation processes and reaching consensus with the involved parties.

Tutuba emphasized that the BoT will continue to purchase gold according to the signed agreements, which include a provision for the purchase of 20% of the gold produced and refined locally, with a target of acquiring 6 tonnes annually.

In his opening remarks at the signing ceremony, the Deputy Attorney General, Hon. Samweli Maneno, highlighted that Section 59 of the Finance Act grants BoT the legal right to purchase 20% of the gold produced in the country to remain domestically.

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