GEITA Gold Refinery Limited (G2R) has embarked on a project to establish a major gold refinery plant in the mineral- rich Geita region.
The 3,500 square-metre modern multi-billion shilling facility on the over 20 hectares is scheduled for completion within a year.
It is the biggest ever mineral refinery in the country and East Africa, according to the company’s statement to the ‘Daily News’ Monday.
The government has several times been inviting investors into minerals processing factories to avoid raw mineral exportation, which subjects the country to substantial loss of money.
The Ministry of Minerals through the Mining Commission has since July 16, 2019 granted the company a Gold Refining Licence (RFL 001/2019).
The company said it will have an annual gold processing capacity of up to 100 tones and targets the purity of 99.99 per cent. “The refinery is designed to the highest international standards for certification by the relevant authorities… issues involving environmental controls, along with workers’ health and safety, will be conducted and monitored to the highest industrial and international best practices,” the investor said in the statement.
The project is designed to increase revenues and jobs as well as promote modern technologies to realise maximum benefits from the mineral sector, the company said.
The refinery, according to the statement, will also have an integrated minting with the ability to fabricate a variety of bullion grade products, including production of internationally recognised and marketed ingots like kilo-bars and 400 troy-ounce bars.
“advanced minting operations will eventually be implemented to produce internationally marketed numismatic and commemorative coins that will highlight Tanzanian’s unique natural wonders, wildlife, history and culture,” the firm said.
The facility will also house an integrated bullion depository complete with a 50-ton UL certified Class-3 vault-the highest rating in the industry- that will be amongst the largest secure depositories on the continent.
The statement further said that with majority ownership in the company under Tanzanians, the refinery strongly supports the national agenda of industrialisation.
The company said it will maintain professional affiliations with several international industry related organisations, including the International Precious Metals Institute (Sustaining Corporate Member) and the Society of Mining, Metallurgy and Exploration (International Committee Member).
“Our mission is to increase public and international confidence in Tanzania’s mining and mineral sectors,” the company said in the statement, adding that “The refinery will also play a significant role in eliminating illegally exported gold by producing an internationally recognisable hallmarked gold ingot, complete with tracking and serial numbers.”
Auditable documentation, the statement says, will allow police and customs officials to rapidly identify, verify and track authorised gold for export.
Several new security technologies will also be implemented to make it practically impossible to counterfeit or bypass the additional confidential safeguards.