Gold

Gold exports rose by 37.4% to USD 4,697.6 million in 2025, accounting for 45.7% of Tanzania's total goods exports and cementing gold as the country's single most important foreign exchange earner.^[1]

Tanzania is Africa's fourth-largest gold producer and hosts several operating large-scale mines, including Geita Gold Mine, North Mara Gold Mine, and Bulyanhulu Gold Mine.

With estimated reserves of 45 million ounces and annual production of 61.6 tonnes in 2024, Tanzania ranks 19th globally among gold-producing nations.^[6][7]

Gold and diamonds have always been the mainstay of Tanzania's mineral production, and gold today contributes the vast majority of the aggregate value of mineral exports.

Gold Production and Reserves

Tanzania holds estimated gold reserves of 45 million ounces, ranking as Africa's fourth-largest gold producer and 19th globally.^[7]

Annual gold production reached 61.6 tonnes in 2024.^[6]

The country hosts six large-scale gold mines out of a total of eight large-scale mining operations nationwide, alongside medium-scale mines and numerous small-scale operators.

Flagship producing assets include Geita Gold Mine, North Mara Gold Mine, and Bulyanhulu Gold Mine.

Silver in Tanzania is produced almost exclusively as a by-product of gold and copper deposits, particularly at the Bulyanhulu and North Mara mines, meaning gold operations effectively anchor precious-metal output nationwide.

Gold Exports Performance

Gold is Tanzania's second-largest export after tourism and dominates the mineral export basket.

In 2024, the value of gold sales rose by 11.8% to USD 3.4 billion, up from USD 3.0 billion in 2023.

In 2025, gold export value surged by 37.4% to USD 4,697.6 million, driven primarily by higher global gold prices and increased production.^[1]

Gold alone accounted for 45.7% of Tanzania's total goods exports in 2025, making it the single largest driver of foreign exchange earnings.

Gold, coal, and copper concentrates together account for the largest share of Tanzania's mineral exports, with gold contributing the dominant portion.^[4]

Role in Foreign Exchange and Macroeconomic Stability

Gold plays a central role in stabilising Tanzania's external accounts and currency.

Strong foreign exchange inflows from gold and agricultural exports, combined with tourism receipts and foreign direct investment, helped limit the Tanzanian shilling's depreciation to just 1.3% year-on-year in December 2025, when it averaged TZS 2,452.76 per USD.

These inflows supported the build-up of foreign reserves to USD 6,329 million by end-2025, up from USD 5,546.9 million a year earlier, sufficient to cover 4.9 months of projected imports.

Alongside travel services, gold continued to be the primary driver of foreign exchange in 2025, underpinning a 10.2% rise in total exports of goods and services to USD 17,599.2 million.

Mining Sector Context

The mining sector's contribution to the Tanzanian economy has steadily increased, reaching 10.1% of GDP in 2024.^[3]

In the first nine months of 2025, the sector posted a growth rate of 9.8% compared with the same period in 2024.^[2]

Total mineral exports were valued at USD 4.1 billion in 2024, up 16.0% from USD 3.5 billion in 2023, accounting for 60% of all Tanzanian non-traditional goods exports and 25% of total exports.

In 2025, Tanzania was ranked the 4th most attractive destination for mining investment in Africa and the 3rd for mineral potential.^[5]

Advanced-stage gold projects in the pipeline include the Nyanzaga, Canaco, and Nyakafuru gold projects.

Policy Framework, Royalties and Local Content

Tanzania applies differentiated royalty rates depending on the type and destination of minerals produced.

The gross royalty rate on gold is 6%, reduced to 4% if the gold is sold to the Bank of Tanzania and 2% if sold to local refineries.^[8]

A 1% clearance and inspection fee applies to all minerals except salt and gold sold to refinery centers.

The Finance Act of 2025 introduced an HIV Response Levy of 0.1% of the gross value of minerals.

The Mining Act of 2010 introduced initial local content requirements, obliging mining companies to prioritise Tanzanian employment, goods, and services where feasible; the Mining (Local Content) Regulations of 2018, as amended in 2019, subsequently operationalised these requirements.

Government policy has also prioritised improved road and electricity infrastructure in mining areas to facilitate access to essential services and support gold and other mining operations.

At the national planning level, strategic PPPs and joint ventures are envisaged to attract investment for large-scale gold and gemstone exploration, alongside flagship projects in iron/steel and base metals.

Investment Opportunities

Tanzania's gold sector offers investment entry points across the full value chain, from greenfield exploration to processing and refining.

Large-scale gold and gemstone exploration is a designated priority for strategic PPPs and joint ventures, opening room for foreign capital to co-develop new deposits.

Several advanced-stage gold projects, including Nyanzaga, Canaco, and Nyakafuru, offer investable opportunities in mine development and production ramp-up.

Downstream, the differentiated royalty regime that lowers rates for gold sold to local refineries (2%) and the Bank of Tanzania (4%) creates a clear fiscal incentive for investment in domestic refining capacity.

Tanzania's ranking as the 4th most attractive mining investment destination in Africa and 3rd for mineral potential in 2025 reinforces investor confidence in the regulatory and geological environment.^[5]

National export strategy also targets diversification away from primary gold into manufactured exports, indirectly signalling openness to gold-linked value addition such as jewellery manufacturing and precious-metal processing.

Last Update: May 2026

References

1. https://www.bot.go.tz/Publications/Regular/Monthly%20Economic%20Review/en/2026020312553210.pdf (Guide reference #12)
2. https://www.bot.go.tz/Publications/Regular/Quarterly%20statistical%20Bulletin/en/2026022607540099.pdf (Guide reference #46)
3. https://www.madini.go.tz/media/HOTUBA_YA_WIZARA_YA_MADINI.pdf (Guide reference #138)
4. https://www.tumemadini.go.tz/media/uploads/annual_reports/2025/11/24/REPORT_PRINT_2025_A3LATEST_compressed.pdf (Guide reference #139)
5. https://www.fraserinstitute.org/sites/default/files/2026-02/annual-survey-of-mining-companies-2025.pdf (Guide reference #140)
6. https://www.mof.go.tz/uploads/documents/en-1757496956-ECONOMIC%20SURVEY%20BOOK,%202024%20SEPT_SENT%20FINAL.pdf (Guide reference #142)
7. https://www.gold.org/goldhub/data/gold-production-by-country (Guide reference #143)
8. https://www.tumemadini.go.tz/pages/mineral-royalties-and-inspection-fees-rates/ (Guide reference #157)