The Latest

Buckreef Gold Processing Plant Sees Institutional Investor Inject USD 7 Million

February 2, 2022
1 minute read
Tanzania Buckreef Gold Mine Project

Mining exploration company Tanzanian Gold Corporation (TanGold) (TSX:TNX) (NYSE:TRX) recently announced that it has successfully closed a USD 7 million direct offering with a single institutional investor for the purchase and sale of 17,948,718 of the company’s common shares.

The net proceeds from the offering are approximately USD 6.4 million that the company intends to use to accelerate the execution of its business plan that includes the continued buildout of the gold processing plant expansion at the Buckreef gold mine.

The plant is expected to be completed in calendar Q2/Q3 2022 and is forecast to produce 15,000 – 20,000 ounces of gold per year.

Tanzania Investment Guide 2026 Free Edition

In addition, the proceeds will be used in exploration drilling with the goal of expanding mineral resources, discovering new mineral resources and converting mineral resources to mineral reserves, including the Buckreef Main Zone northeast extension, Buckreef West Zone and the Anfield Zone.

The Buckreef Project

The Buckreef Gold Project comprises four gold deposits namely Buckreef, Eastern Porphyry, Tembo, and Bwinga, all within 4km of each other.

The Buckreef Project is located in north-central Tanzania immediately to the south of Lake Victoria and 110km southwest of Mwanza.

The Buckreef Project is fully licensed for mining and the extraction of gold and is developed by TanGold along with its joint venture partner, the Tanzania State Mining Corporation (Stamico).

Want to know more about Mining in Tanzania? Our free overview of the Tanzania Business and Investment Guide 2026 covers Mining, plus key sectors and investment opportunities. The complete 141-page edition includes policies, taxation, key regulations, full macroeconomic data, and sources, and is also available at no cost upon completion of a short form.

Download Free OverviewGet the Full Edition for Free
Tweet
Share
Share
Share
Related Posts
Tanzania Fitch Ratings
Read More

Fitch Revises Tanzania Outlook to Positive, Affirms ‘B+’ Rating, Forecasts GDP Growth of 5.8% in 2026 Driven by Tourism and Mining

Fitch Ratings revised Tanzania's outlook to positive from stable while affirming the sovereign rating at 'B+', citing strengthening reserves and a gradual decline in government debt, warning, however, that the credit rating remains constrained by weak governance and low government revenue. The agency forecasts real GDP growth of 5.8% in 2026 and an average of 6.1% in 2027 and 2028, driven by public investment, tourism, the country's role as a regional logistics hub, and expansion in the mining sector.
Tanzania Samia Suluhu Hassan DRC Felix Tshisekedi
Read More

DRC to Build Dry Port in Dar es Salaam, Deepen Transport and Mining Ties with Tanzania

The Democratic Republic of the Congo (DRC) has begun preparations to build a dry port in Dar es Salaam that will provide customs, cargo handling, mineral certification, and quality control services for Congolese goods moving through Tanzania, President Félix Tshisekedi announced during a state visit to Tanzania on 18 August 2026. The DRC is among the largest users of Tanzanian ports, with approximately 7.2 million tonnes of cargo handled in 2023, as the two countries agreed to accelerate transport, trade, and mining cooperation along the Central Corridor.

Want to know more about investing in Tanzania? Our free overview of the Tanzania Business and Investment Guide 2026 covers the economy, key sectors and investment opportunities. The complete 141-page edition, which includes policies, taxation, key regulations, full macroeconomic data and sources, is also available at no cost upon completion of a short form.

Download Free Overview Get the Full Edition for Free