TANZANIA JOINS THE LIST OF AFRICAN COUNTRIES LOOKING TO TAKE CONTROL OF THEIR GOLD RESOURCE

The decision places the East African country among a rising number of African nations seeking to extract more value from their natural resources and gain more control over their mining sectors.

The policy, which mirrors another gold bill implemented in September 2024, represents a larger move toward resource nationalism, as governments seek to benefit more directly from rising global gold prices.

Tanzania’s mining regulator issued a rule requiring mining firms that export gold to donate at least 20% of the commodity to the Central Bank of Tanzania (BoT).

Given the complications in the global gold trade that have caused the commodity price to soar dramatically, Tanzania’s push to finalize its 20% gold refining policy in the next 30 days couldn’t have come at a better time.

Mining behemoths like AngloGold Ashanti Plc and Barrick Gold Corporation, the second-largest producer of gold in the world are direct targets of this policy, as per Bloomberg.

Companies that have contracts with the government will be required “to allocate gold at a rate of not less than 20% of production for smelting, refining, and trading in the country,” said Finance Minister Mwigulu Nchemba in his 2025-26 budget speech on Thursday.

Similarly, Burkina Faso’s push to gain control of its gold mines couldn’t have come at a better time.

Source: @businessinsiderssa