The Bank of Tanzania (BOT) Quarterly Economic Bulletin of June 2020 shows that Tanzania’s gold production increased by 23.5% in Q4 2019, from 9,949 kg in September 2019 to 12,289 kg in December 2019
The value of gold produced in Tanzania increased by 16.7% during the same period, from USD 371 million to USD 432 million.
On a yearly basis, Tanzania’s gold production decreased by 1.9%, from 12,527 kg in December 2018 to 12,289 kg in December 2019.
However, the production value for the year increased by 11.8%, from USD 387 million in December 2018 to USD 432 million in December 2019.
The BOT indicates that this was due to higher gold price in the world market impacted by COVID-19 pandemic-related uncertainty and a weaker US dollar.
Gold production in Tanzania stands at around 50t per year which makes it the 4th largest gold producer in Africa after South Africa, Ghana and Mali.
Gold exploration is centered mostly on the greenstone belts around Lake Victoria, where several large deposits have already been discovered and are being developed.