The agreement, inked in Dodoma recently reinforces the country’s drive to bolster its gold reserves, strengthen domestic refining and position itself as a formidable player in the global precious metals market.
The move comes at a pivotal time for Buckreef, which is preparing for a major expansion phase that will dramatically scale up its pro duction capacity and deepen its socioeconomic impact in Geita region.
Buckreef Gold General Manager Isaac Bisansaba said the agreement demonstrates their alignment with national priorities and they are confidence in the country’s evolving gold ecosystem.
“As we prepare to expand operations, we are proud to participate in initiatives that strengthen the country’s gold reserves, build domestic re fining capacity and position Tanzania more competitively on the global gold market,” Mr Bisansaba said.
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Buckreef Gold is a joint venture between TRX Gold Corporation, via its subsidiary TRX Gold Tanzania and the Government of Tanzania through the State Mining Corporation (STAMICO).
Under the new agreement, Buckreef becomes one of several top-tier producers contributing to Tanzania’s gold accumulation programme, as mandated by Section 59 of the Mining Act.
The initiative not only supports the enhancement of foreign currency reserves but also paves the way for meeting international standards such as the coveted London Bullion Market Association (LBMA) certification a mile stone that could elevate Tanzania’s status in the global bullion trade.
Additionally, Buckreef’s expansion plan is set to transition to underground mining while upgrading its processing plant to handle 3,000 tonnes per day, up from the current 2,000. These up grades are projected to raise gold production to an aver age of 62,000 ounces annu ally, with output peaking at 94,000 ounces in year five.
The mine’s underground resource is currently esti mated at 14.4 million tonnes grading 2.22 g/t gold.
“As we scale up, so does our commitment to local hiring, training and procurement,” Mr Bisansaba said, “We continue to work closely with Tanzanian suppliers and communities to ensure the mine’s growth translates into shared prosperity.” The new gold sale agreement not only signals Buckreef’s confidence in Tanzania’s regulatory and investment climate but also showcases the effectiveness of policies aimed at increasing local content and beneficiation in the mining sector.
