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.

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 Tanzania Business and Investment Guide 2026 covers Mining, plus regulations, key sectors, and investment opportunities — all in one place.

Download Free Guide
Tweet
Share
Share
Share
Related Posts
Anthony Mavunde Parliament Bunge
Read More

Tanzania’s 2026/27 Mining Budget Sets Ambition for Critical Minerals Leadership and Top-4 Global Niobium Producer Status

Tanzania's Ministry of Minerals has tabled a TZS 174.98 billion budget for FY 2026/27, with a revenue collection target of TZS 1.41 trillion from a sector whose GDP contribution has climbed to 11.9% and whose exports rose 31.1% to USD 5,401.9 million in 2025. The budget prioritises critical and strategic minerals, the Panda Hill niobium project expected to make Tanzania a top-4 global producer, the Buzwagi value-addition hub, and expanding geophysical survey coverage to 50% of the country by 2030.
Tanzania mineral processing
Read More

Tanzania to Build Mineral Processing Center in Shinyanga to Boost Value Addition

The Tanzanian government plans to establish a Mineral Processing Center in Mwakitolyo, Shinyanga Region, to deepen mineral value addition and expand local participation in the mineral value chain. Deputy Minister for Minerals Dr. Steven Kiruswa highlighted the initiative in Parliament, emphasizing the need to build technical capacity among youth and women from exploration to processing.
Tanzania Mahenge Graphite Project Map
Read More

Tanzania Mahenge Graphite Project Early Works to Complete by Mid-2026 Ahead of Final Investment Decision

Black Rock Mining's early works program at the Mahenge Graphite Project in Tanzania's Ulanga region is nearing completion, with final earthworks and resettlement activities expected to wrap up by late Q2 2026. Community compensation for the lower access road has been completed, the 220kV transmission line survey is finished, and all early works pricing has been validated against the 2022 FEED, positioning the project for a rapid construction ramp-up once full funding and a Final Investment Decision are secured.