Tanzania: Gold Prices Shoot As Geita Expo Kicks-Off

By Sylivester Domasa in Geita

THE international trade fair dedicated for the mining sector, opened yesterday in the country's gold-rich region Geita, with reports that gold prices have nearly doubled.

The machinery and investment exhibitions platform which runs to September 27th, this year, is meant to showcase the latest and diverse range of mining machinery, advanced technological solutions, investments, services and supplies from both local and international companies.

Geita Region Commissioner Robert Gabriel told reporters that the region is vibrant as the third international event will also see stakeholders deliberate emerging issues and challenges being faced in the sector.

"This is the third time Geita is hosting this event. We're pleased to welcome small scale miners, investors, businesses and the general public to attend and be part of the exhibition," he said.

According to the RC gold prices in the region have nearly doubled, insisting that it is only a matter of time before the mineral resource hits a record in transforming the region.

A gramme of gold is trading at 146,000/- in 2020 up from 75,000/- it sold in 2016.

The RC said the prices of gold are set to rise as authorities work to improve the investment environment in the region.

Speaking at the launch of a business clinic involving entrepreneurs, small scale miners, financial institutions and government policymakers', the commissioner said monthly transactions involving smallholder miners also raised considerably.

Eng Gabriel said gold trading at the nine mineral centres in the region registered record high revenue to the government.

Official figures show while gold worth over 51.3bn/- was traded in June alone, the government collected 1.86bn/- to the government in tax and 153m/- to the council.

In July, at least 55.88bn/- worth of gold was sold at the mineral centres contributing 3.59bn/- to the State coffers with the council receiving 167m/-.

Eng Gabriel said, last month gold contributed over 4.12bn/- in tax involving a transaction worth over 58.9bn/- gold, while the council pocketed in 176m/-.

"There has been a huge improvement in the mineral sector, thanks to reforms made under President John Magufuli administration," he said.

"The contribution of minerals is now visible," he said and went on to urge entrepreneurs to improve their businesses to attract more buyers and mineral investments.

Eng Gabriel said it is high time that local businesses supply all the needed services and goods in the mining companies and cover the gap of imported goods and services that can be locally produced.

He urged government institutions, experts and financial institutions to help train local entrepreneurs, for them to be able to improve their business and exploit potentials that come with the mining activities.