Tanzania is reportedly opening up one of the biggest gold plants in Africa. Located in Mwanza this plant is supposed to refine up to 480kgs of gold each day. Gold refining is the process where precious metals are extracted and separated from mined materials.
What many might not know is that Tanzania is Africa’s fourth-biggest gold producer with many people working on subsistence gold mining to make a living. This small-scale mining has grown over the years with the hopes of developing refineries so as to generate more revenue from this sector.
The gold which this refinery will produce will be up to international standards of 999.9 purity. The standard of measurement of purity for gold is cartage which to be exact is the measurement of purity of gold alloyed with other metals. For example, 24-carat gold is pure gold with no other metals, and gold is said to have low caratages if it contains less gold.
With this development, Tanzania will no longer export raw gold to have it purified. Gold is currently Tanzania's major forex earner we expect that its economy will grow exponentially because of this move. Indirect jobs, foreign direct investment, foreign exchange, and tax revenues will greatly increase thus helping boost Tanzania's Economy. The mining companies will obviously invest more in infrastructure and utilities also helping in the elevation of Tanzania’s economy.
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