Tanzania wants large miners to refine, trade 20% of gold locally
Tanzania plans to make it compulsory for large-scale miners to refine and trade at least 20% of their gold output domestically as the East African nation seeks to benefit from a rally in the bullion price and control a larger share of its resources.
Miners that will likely be affected by the move include Barrick Gold Corp., the world’s second largest gold producer, and AngloGold Ashanti Plc.
Companies with 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.
The government plans to finalize contract renegotiations within 30 days of the new changes being passed, Nchemba said.
Tanzania, which produces around 1.9 million ounces of gold a year, joins a growing number of mineral-rich African nations looking to extract greater value from their resources.
Gold has been on a tear since 2024, hitting a record this year as US President Donald Trump’s trade war boosted its appeal as a haven.
