The President of the United Republic of Tanzania, Samia Suluhu Hassan has instituted the Mwanza Precious Metal Refinery (MMPR) gold refinery worth US $5.2m. In attendance at the launch ceremony were Mwanza city residents, senior and junior government officials, political and religious leaders among other key personnel.
The factory, which has the capacity to process 480kg per day, was constructed the State Mining Corporation (Stamico) in joint venture with Dubai’s Lozera Company. In addition to inauguration, President Samia further instructed the Bank of Tanzania (BoT) to begin purchasing refined Gold to boost the country’s reserve of the precious metals.
“This is an excellent and ultra-modern refinery, its purity is of high quality, its building will beautify Mwanza city which is in tandem with the government’s quest to turn Mwanza a business hub in the Great Lakes region,” said President Samia.
She indicated that the setting in motion of the plant, ushered in BoT to begin buying the refined Gold as needed by the law, and instructed the central bank to proceed with immediate effect.
“The country will benefit a lot from the golf refinery plants, some of the gains include the increase of gold reserves at the BoT and increase in national revenue through royalties,” She said.
The Chief Executive of the factory, Anand Mohan thanked the government for the effort they have put in to ensure successful completion of the project saying that it will have a positive impact on the Tanzanian economy.
Mining carries over 50% of Tanzania’s total exports, of which a large part comes from gold. According to data, Tanzania is one of the countries in Africa and in the world with high quantity gold reserves, boasting 45 million ounces. The contribution of mining to Tanzania’s economic development between 1995 and 1999 was 0.2% and it increased to 4.8% in 2017.