Tanzania gold refinery starts producing in drive to boost gold revenues

A new gold refinery set to be the biggest in Tanzania has begun production in a step towards the government's aim of processing more of the precious metal domestically. Africa's fourth-biggest gold producer and home to industrial gold mines run by Barrick, AngloGold Ashanti and others, Tanzania has been trying to formalise subsistence gold mining and develop refineries to generate more revenue from the sector. The refinery in Mwanza, a city on Lake Victoria, is processing gold from sources including subsistence or "artisanal" miners, Tanzania's State Mining Corporation (Stamico), a...

Zimbabwe gold output down 30% in first quarter

HARARE - Zimbabwe's gold production fell 30% to 3.98 tonnes in the first quarter of this year, while export earnings from the yellow metal also declined, central bank data showed on Friday. The Reserve Bank of Zimbabwe (RBZ) did not give a reason for the decline, but small-scale miners who produce half of the mineral say shafts were flooded by above normal rainfall during the period. RBZ said the southern African nation, which faces perennial shortages of foreign currency, earned $200-million from gold exports in the January-March quarter, down from...

Debswana expects new strategy to create at least $900m in extra revenue

Debswana Diamond Company, a joint venture between the Botswana government and Anglo American’s De Beers, said on Friday that its new business strategy adopted last year should enable it to create at least ten-billion pula ($924-million) in additional revenue over the next four years. The five-year strategy, adopted at the beginning of 2020, includes restructuring of mines and is aimed at improving efficiencies throughout the group's operations. It is being accelerated after Debswana was hit hard by the coronavirus pandemic. Earnings almost halved last year as sales and production were...

China’s Chifeng Jilong walks away from deal to buy Ghana gold mine

Adds detail, background, attempt to seek comment from Resolute April 19 (Reuters) - China's Chifeng Jilong Gold Mining 600988.SS on Monday cancelled an agreement to buy the Bibiani gold mine in Ghana, saying it had not received timely information from the seller about the termination of the mining lease. Australia-based Resolute Mining RSG.AX agreed to sell Bibiani to Chifeng Jilong for around $105 million in December, apparently extending a flurry of Chinese M&A in the gold mining sector, only to announce last month its lease had been terminated by the Ghanaian government. The lease was restored...
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