Tanzania’s gold reserves hit 3.7 tonnes

DAR ES SALAAM: TANZANIA’S gold reserves have reached an impressive 3.7 tonnes in just eight months since acquisition began on October 1, 2024. This significant milestone was revealed by Minister for Minerals Anthony Mavunde during a press briefing with media editors in Dar es Salaam, highlighting a broader government effort to strengthen Tanzania’s economic foundation …

DAR ES SALAAM: TANZANIA’S gold reserves have reached an impressive 3.7 tonnes in just eight months since acquisition began on October 1, 2024.

This significant milestone was revealed by Minister for Minerals Anthony Mavunde during a press briefing with media editors in Dar es Salaam, highlighting a broader government effort to strengthen Tanzania’s economic foundation through strategic investment in the mining sector.

The rapid accumulation of gold is part of a comprehensive drive to supercharge the country’s mining sector, which has seen its contribution to GDP rise to 10.1 per cent in 2024/25.

“This remarkable surge in reserves has seen Tanzania surpass Mozambique’s gold holdings, placing the nation in a stronger position for gold acquisition in Africa,” he said.

While the exact ranking among African nations for Tanzania’s 3.7 tonnes remains to be officially confirmed, it signifies a strong upward trajectory for the East African nation. As of late 2024/early 2025, major African gold reserve holders include Algeria (174 tonnes), Libya (147 tonnes), Egypt (128 tonnes), South Africa (125 tonnes) and Ghana (31.01 tonnes), with Mozambique’s reserves recorded at 3.94 tonnes.

Mr Mavunde was briefing editors on the achievement recorded by the sector in the four years of President Samia Suluhu Hassan presidency. He said during the period, the ministry has seen a substantial increase in its budget, growing from 89bn/- to 224bn/- over the past four years, with significant funds directed towards the Geological Survey of Tanzania (GST).

“This includes plans for a new state-of-the-art geoscientific laboratory in Dodoma and additional labs in Geita and Chunya, aiming to bring essential services closer to local communities,” Mr Mavunde said.

Minister Mavunde further said “Minerals are Life and Wealth”, under the Mining Vision 2030, adding that the government now plans to increase the surveyed areas from 16 per cent to 50 per cent of the country.

“Extensive research, application of drones and helicopters, will not only identify mineral deposits but also aid in agricultural development, land management, healthcare and construction by pinpointing suitable areas for dam construction, raw materials for fertiliser production and treatment for acidic and saline soils,” he said.

Mr Mavunde also highlighted efforts to empower small-scale miners, including a new six-member advisory committee and collaborations with banks to improve access to capital and technology.

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He called on banks to reach out to small-scale miners and recognise their informal but effective financing methods.

In a strategic shift, he said Tanzania is exploring a gold-for-oil trade model with the Bank of Tanzania to preserve foreign exchange reserves.

Minister Mavunde said that the rising global gold prices make gold storage in local banks a smart economic strategy for Tanzanians and a potential new revenue stream for the nation.