BOT GOVERNOR LAUDS STAMICO FOR GOLD REFINERY

 

Bank of Tanzania Governor Prof. Florens Luoga witnessing the developments of  Mwanza Precious Minerals plant including trial production during his visit at the gold refinery, in Mwanza city on Friday.

Bank of Tanzania Governor Prof. Florens Luoga has commended the State Mining Corporation (Stamico) for enabling Tanzania to start gold refining to international

standards.

He said this after visiting the gold refinery, Mwanza Precious Minerals Limited in Mwanza city on Friday, where he witnessed the developments of the plant including trial production which started on April 21, 2021.

 “This is miners, gold dealers as well as other stakeholders in the sector. The envisaged dream for Tanzania to stop exporting raw gold is certainly coming to pass”, Prof. Luoga said.

The BoT Governor expressed delight to hear that the refinery is capable of extracting other valuable minerals from the gold concentrates.

“Given the production capacity of this plant, I believe that it will be able to refine all locally mined gold as well as those from neighbouring countries. These will bear the originality mark from Tanzania, and hence promote Tanzania overseas,” the Governor said.

Mwanza Precious Minerals Limited is jointly owned by Stamico (25 per cent) and two foreign companies, ROZZELA General LLC of Dubai in the United Arab Emirates (UAE) and ACME Consultant Engineers PTE Limited from Singapore (RGTACE), which jointly own 75 per cent.

Acting Managing Director of Stamico Dr. Venance Mwasse told Governor Luoga that “this joint venture and the shares of Stamico will continue increasing at the rate of 5 per cent and after 15 years, the state-owned mining company will have 51 share reducing those of foreign companies to 49 per cent.

Stamico will also be getting 2.5 per cent from total sales as management fee.

The refinery started trial operations on April 21, 2021. It can refine 480 kilogrammes per day at the 999.9 purity and becomes one of the biggest gold plants in Africa.

Dr. Mwasse mentioned the benefits of the refinery as including increased revenue to government through inspection fees, local government levies, generation of employment, technology transfer and reduction of gold smuggling.

Also, other minerals could be extracted and given value and the Bank of Tanzania will be able to start keeping gold as one of its reserves as provided for by laws of the land. Governor Luoga who was accompanied by other BoT officials, urged the refinery to acquire the accreditation certificate to enable the Bank to start buying the refined gold and making it part of its foreign reserves. 

The refinery is strategically located in the gold-rich zone as the precious metal is found in Geita, Mara, Shinyanga and Mwanza regions. The plant is expected to refine gold from small and big gold miners as well as those which are being confiscated by the government and those from neighbouring countries through gold dealers.

In addition to increasing revenue, the refinery will make Tanzania one of the exporters of refined gold.