GGML signs landmark gold sale agreement with BoT

DODOMA: GEITA Gold Mining Limited (GGML), a subsidiary of AngloGold Ashanti, has signed a gold sale service agreement with the Bank of Tanzania (BoT), becoming the first large-scale mining company in the country to implement the gold reserve purchase requirement under Section 59 of the Mining Act.

The agreement, signed at the BoT headquarters in Dodoma, allows GGML to sell 20 percent of its gold production to the Government through Geita Gold Refinery (GGR). The arrangement provides a consistent supply of gold for domestic refining, supporting the country’s goal of increasing local value addition and advancing progress towards international accreditation, such as the London Bullion Market Association (LBMA) certification.

“This partnership reflects our commitment to increasing the country’s gold reserves while promoting value addition within our borders. Collaborating with companies like GGML supports our broader objective of strengthening the Tanzanian economy and reinforcing the role of local industry in strategic national development.”

ALSO READ: GGML launches critical skills Internship programme for Tanzanian youth

By channelling part of its production through a local refinery, GGML is contributing to the Government’s efforts to stabilise the national currency and expand opportunities for Tanzanian businesses involved in mineral processing and refining.

Speaking during the signing ceremony, GGML Managing Director Duran Archery said:

“As we mark 25 years of operations in Tanzania, this agreement is an important step for our company and affirms our long term commitment to working with the Government in strengthening the mining sector’s contribution to broader economic goals.”

The agreement follows extensive engagement between GGML, the Bank of Tanzania, and the Ministry of Minerals. It marks a significant milestone in the development of local content frameworks and the national beneficiation strategy.