Tanzania may be home to Tanzanite, the blue gemstones found only in the Northern Parts of the country, but the latest report indicates that it is actually Gold and Diamond that drives Dar’s mining sector.
Pieces of Eight?
Gold exports lead other minerals’ listing in recording nearly USD 60 Million in the third quarter of 2022.
According to the Third Quarter Gross Domestic Product (GDP) figures released by the National Bureau of Statistics, mining activity in Tanzania grew at the rate of 9.8 per cent during the third quarter of year 2022.
That is slightly down when compared to the growth rate of 13.1 percent billed during the previous third quarter of year 2021, though the latest minerals’ earning figures have gone up.
The National Bureau of Statistics Report shows that the growth was mainly driven by an increase in production of Gold, Diamond, Silver, Coal and Natural Gas. Somehow Tanzanite is missing from the mix.
During the third quarter period of 2022 gold production reportedly shot up to 17,516 kilograms, which should be more than a ton compared to the 14,915 kilograms mined during the third quarter of 2021.
On the other hand, Diamond production rose to 74,462 carats during the final quarter of 2022 compared to a measly 19,418 carats produced in the corresponding quarter of year 2021.
Coal mines produced 774,398 tons during the third quarter of 2022 which is a huge increase when matched to the 191,607 tons mined during the same period in the previous year 2021.
Increased diamond production reflected in the minerals’ rising exports that shot up USD 58.6 million, which is more than 15 times earnings when compared to the USD 3.8 million raked in during the third quarter of 2021.
The huge stride, according to economics experts, can be credited to the revived production of diamonds at the Williamson Mines after the care and maintenance period according to the recent Bank of Tanzania (BoT) Monthly Economic Review report.
Tanzania’s Central Bank reports that the country’s gold exports, which accounted for 39 percent of goods exports, however slightly fell to USD 2.81 billion, from the USD 2.84 billion recorded in the previous year, linked with decrease in world market prices.