Tanzania's gold exports in the year ended July 2010 increased by
31% on account of improved gold prices on the international market
as well as the commencement of gold shipments from the Buzwagi Gold
Mine, the Central Bank of Tanzania said Friday.
In a report, the Bank of Tanzania said that a total of 38.1
metric tons of gold was exported in the year ending July 2010
compared with 29.1 tons exported in the same period last year.
"The value of gold exports went up by 61.5% to $1,365.3 million,
following a rise in the export volume as well as price in the world
market," the bank said in a report, adding that during the year
under review, international gold prices increased to an average of
$1,112.9 per troy ounce compared with $873.1 per troy ounce
recorded in the year ended July 2009.
The 250,000 ounces-a-year Buzwagi Gold Mine started gold
shipments in June, boosting the country's gold exports, gold is
currently Tanzania's leading foreign revenue earner. Buzwagi is
owned by London-listed Africa Barrick Gold (ABG.LN), a unit of
Canada's Barrick Gold Corp. (ABX), the world's largest gold
producer.
The mine continues to ramp up production and may help Tanzania
regain its position as the third-biggest gold producer in Africa,
this year, analysts say.
Until last year, Tanzania was Africa's third-largest gold
producer after Ghana and South Africa before it was overtaken by
Mali, according to metal consultancy firm GFMS. Other gold miners
operating in Tanzania include South Africa-based AngloGold Ashanti
Ltd. (ANG.JO) and Australia-based Resolute Mining Ltd.
(RSG.AU).
-By Nicholas Bariyo, contributing to Dow Jones Newswires;
256-75-2624615 bariyonic@yahoo.co.uk