Large scale gold miners in the country experienced a 3.5 per cent fall in production in the year ending in September, 2017.
The Bank of Tanzania quarterly economic bulletin for the fourth quarter of last year showed that gold production decreased to 10,422.4 kilogrammes from 10,798.4 kilogrammes recorded in September, 2016.
The value of procured gold also went down by 6.5 per cent to $345.6 million during the year ending in September from $369.6 million recorded in September, 2016.
The fall in production and value was caused by both volume and price effect as well as lowered production at Acacia owned Buzwagi Gold Mine.
This is happening when the global market is experiencing a price rise as the bulletin shows. The price of gold went up owing to high demand as safe investment portfolio.
The World Bank global commodity price prospects show that the price of gold increased by 1.6 per cent to $1,278 per troy ounce during the year ending in September 2017 from $1,257.7 recorded during the year ending in June 2017.
However, the September’s price was 4.2 per cent lower than $1,334.5 per troy ounce recorded during the year that ended in September 2016.
According to the latest report from the World Gold Council, gold production hit a record high last year following nine years of constant growth in output.
Gold production summed to 105 million troy ounces in 2017. It reached nearly 17 million ounces since the start of 2010.
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