ACCORDING TO THE WORLD GOLD COUNCIL TANZANIA WAS AFRICA'S 4TH LARGEST GOLD PRODUCER IN 2010.
Tanzania has become one of the fastest-emerging gold producers in Africa, and is now the third-largest gold-producing country in Africa. The mining sector in Tanzania contributes about 2.3 per cent of the GDP, which is projected to account for 10 per cent in 2025 as stated in the Development Vision 2025. It is one of the leading components in generating foreign exchange earnings within the non-traditional exports.
The country has a good climate with moderate rainfall and temperate conditions that favor year round operations.
Tanzania has a great potential particularly for gold, base metals, diamonds, ferrous minerals and a wide variety of gemstones, some of, which are unique such as tanzanite. Coal, uranium, and various industrial minerals such as soda, kaolin, tin, gypsum, phosphate and dimension stones are available at attractive economic rates.
Gold exploration has grown rapidly in Tanzania. Exploration has been focused on the greenstone belts around Lake Victoria with particular attention on the shear hosted gold mineralization associated with banded iron formations (BIF), metavolcanic lavas and tuffs and volcano-sedimentary exhalative units.
Several "world class" gold deposits have already been discovered in the Lake Victoria Goldfields and are at different stages of development.