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· Tanzanian gold reserves maybe more than what it was estimated earlier. Tanzanian Gold Corporation has recently received an update from the Buckreef gold mine project about the reserves, which is said to be double than what it was estimated earlier.
· According to the latest estimates, the gold mineral resources in Tanzania are estimated at 40.90 million tonnes as against the earlier estimate of 21.99 million tonnes.
Tanzanian gold reserves maybe more than what it was estimated earlier. Tanzanian Gold Corporation has recently received an update from the Buckreef gold mine project about the reserves, which is said to be double than what it was estimated earlier.
According to the latest estimates, the gold mineral resources in Tanzania are estimated at 40.90 million tonnes as against the earlier estimate of 21.99 million tonnes. According to the updated estimates, the mineral resource of 40.90 million tonnes can contain 2,270,700 ounces of gold that has to be compared against the earlier estimate of 1085465 ounces of gold from 21.99 million tonnes of minerals.
Located at north-central Tanzania, Buckreef gold mine was acquired by the Tanzanian State Mining Company (Stamico) in December 2010. The Tanzanian Gold Corporation has right to earn a 55% in Buckreef and the remainder will be with Stamico.
While prospects for mining more gold have brightened in Tanzania, it is to be seen how Covid-19 will affect the country’s effort to use the mineral wealth for leveraging its economic growth. Tanzania has incidences of the virus infection and the reported cases are far behind countries like South Africa and Nigeria.
