Tanzania’s Ministry of Finance announced that the Government, through the Bank of Tanzania (BoT), has signed agreements on gold purchase and refining with mining companies and the Geita Gold Refinery (GGR) to secure reliable domestic supply for the central bank’s gold buying programme. The Ministry linked the contracts to Section 59 of the Mining Act, which requires miners to set aside 20% of production for domestic sale and grants BoT a legal first right of purchase of gold. The agreements were signed with Shanta Mining, Buckreef, Geita Gold Mining and GGR, and are also intended to support domestic refining capacity, including progress toward London Bullion Market Association (LBMA) international accreditation. BoT stated it launched the Gold Purchase Programme in FY 2022/23 and, as of 13 June 2025, had purchased 5,022.85 kilograms of refined gold valued at around USD 554.28 million, exceeding its USD 350 million reserve-accumulation target for FY 2024/25. BoT and the Ministry indicated an expectation to reach a purchase target of 6 tonnes in FY 2024/25.
Ministry of Finance (Tanzania)2025-06-18
Tanzania Ministry of Finance reports Bank of Tanzania signing gold purchase and refining contracts with miners and Geita Gold Refinery
Tanzania's Ministry of Finance announced agreements with mining companies and the Geita Gold Refinery to secure domestic gold supply for the Bank of Tanzania's (BoT) gold buying programme. The contracts, linked to Section 59 of the Mining Act, support domestic refining and aim for London Bullion Market Association accreditation. BoT has exceeded its USD 350 million reserve target for FY 2024/25, purchasing 5,022.85 kg of gold valued at USD 554.28 million, aiming for 6 tonnes for FY 2024/25.