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Geita exchange doubles gold sales in two months

GEITA gold exchange has traded 197,945.67 grammes of gold valued over 16.5bn/- in less than two months since inception. Before exchange came into being mid-March, the region mining office recorded 75,998 grammes of gold, which valued at 7.07bn/- last October.

The Tanzania Mining Commission (TMC) Executive Secretary, Prof Shukrani Manya, said Geita mining centre has been recording good performance since it started operations out of 20 established so far.

“The centre so far is doing great compared to other centres in the country,” he said over the weekend. Prof Manya said due to increasing trading volume, the amount of royalty paid and inspection fee collected also shot up.

The royalty paid amounts to 993.4m/- while inspection fee collected amounts to 165.5m/- compared to 424.6m/- and the inspection fee was only 70.8m/- last October respectively.

The exchange outperformed other exchanges namely Kahama in Shinyanga and Chunya in Mbeya as they were inaugurated behind Geita. Kahama came second after Geita. The gold exchange hands also doubled.

Gold sold at Kahama exchange jumped to 34,701.34 grammes from 17,475.32 grammes. The value also increased to 2.9bn/- from 1.3bn/-. Kahama’s royalty paid amounts to 196.013m/- and inspection fee collected amounts to 32.4m/- up from 83.3m/- and 13.8m/- respectively.

Gold sold at Chunya exchange was 351 grammes valued at 30.8m/- royalty collected amounted to 1.8m/-. Chunya is the latest inaugurated centre.

The three gold exchanges, according to Prof Manya, have so far managed to sold 241,679.05 grammes valued at 20.2bn/- and royalty of over 1.2bn/- while 205.4m/- has been collected through inspection fee.

He said so far at least 20 mineral centres have so far been established in the country but most at nascent stage. “We are glad that the regions have responded well to the President’s call to establish mineral trading centres.

“The centres so far have helped to add value to our minerals by ensuring reliable market in the country,” Prof Manya said.

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Author: JIMMY LWANGILI

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