Tanzania’s gold output rises

(Before It's News)

truthingold.com / Dave in Denver / May 22, 2015 at 12:30

Tanzania’s gold output edged up 1.26 percent in 2014 to 1.27 million ounces, snapping a two-year decline, government data showed on Friday.

Tanzania is Africa’s fourth-biggest gold producer after South Africa, Ghana and Mali and gold exports are a key source of foreign exchange. Export earnings however fell last year, reflecting lower metal prices globally.

“The total value of mineral exports by the seven major gold mines decreased by 6.7 percent from $1.78 billion in the year 2013 to $1.66 billion in the year 2014,” the state-run Tanzania Minerals Audit Agency (TMAA) said in a report.

Government revenues from gold mining companies, in form of taxes and royalties, rose 29.5 percent last year to 428.24 billion shillings ($210 million), the agency said.

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