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James E. Sinclair,
Chairman & CEO,
Tanzanian Royalty Exploration Corporation |
| | March 01, 2010
Value of Tanzanian Mineral Exports Increases
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| | Dear Friends,
The following Reuters article shows the growing importance of the minerals industry to the Tanzanian government. With world class deposits of gold and base metals remaining to be discovered, one could easily envision a quantum increase in the value of the nation's mineral exports over the next decade.
Jim Sinclair
UPDATE 1-Tanzania gold earnings jump 15 pct in 2009
Mon Mar 1, 2010 3:36pm GMT
* Tourism arrivals fall over 10 percent in 2009
* Revenue collections reach 91 percent of target
* Forex reserves rise to 5.7 months of imports
(Adds details)
By Fumbuka Ng'wanakilala
DAR ES SALAAM, March 1 (Reuters) - Tanzania's earnings from gold exports rose by 15.4 percent in 2009 on the back of higher world prices and increase in output, the east African country's central bank said in a report on Monday.
Gold exports earned Tanzania $1.076 billion in 2009, up from $932.4 million the previous year.
"During the year under review, the value of mineral exports amounted to $1,114.8 million, higher than $995.5 million recorded in 2008, owing to an increase in exports of gold and other minerals," said the central Bank of Tanzania's latest monthly economic review report.
"During the year to December 2009, prices of gold increased by 11.6 percent to $972.7 per troy ounce. Meanwhile, export volumes of gold went up to 34.0 tonnes from 32.3 tonnes recorded during the previous year."
Earnings from the precious metal accounted for 40.9 percent of total exports of goods last year.
Total exports fell by 2.0 percent to $2.634 billion, largely due to a decrease in manufactured exports, which made up 18.9 percent of exports. Imports decreased by 10.9 percent last year to $5.77 billion, from $6.48 billion recorded in 2008.
more... |
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