Over the last 12 years the Lake Victoria Goldfield of Northern Tanzania has been recognized as a world-class gold province and six large gold mines are now in production and many other significant gold occurrences have been discovered.
| Mine | Owner | Gold production (oz) |
Cash cost (US$/oz) |
Gold production commencement |
Proven and probable gold ore reserves (oz) |
Average Grade (g/t) |
|---|---|---|---|---|---|---|
| Bulyanhulu | Barrick | 311,000 | 358 | 2000 | 19.0M | 14.0 |
| Tulawaka | Barrick (70%) | 211,000 | 212 | 2005 | 1.7M | 18.0 |
| Geita | AngloGold Ashanti | 613,000 | 298 | 2000 | 20.0M | 4.05 |
| Golden Pride | Resolute Mining | 152,000 | 282 | 1998 | 2.7M | 2.6 |
| North Mara | Barrick | 250,000 | 303 | 2001 | 4.0M | 3.17 |
| Buzwagi | Barrick | 200,000 | 335 | 2009 | 3.3M | 1.7 |
This region is underlain by "greenstone belts", considered to be of Archean age having geological and structural similarities to major gold districts in the Canadian Shield and the Australian Yilgarn Craton.
Politically stable and peaceful, Tanzania boasts a welcoming and competitive climate for foreign investment in mineral exploration. After three decades of socialist government and economic stagnation, in 1997 the Tanzanian government re-opened its doors to foreign investors. It has proven to be a model of economic success that other African countries are working at mimicking years later.
