Dodoma, June 16, 2025 – Buckreef Gold Company Limited has signed a landmark gold sale agreement with the Bank of Tanzania (BoT), reinforcing its alignment with national economic priorities and its commitment to supporting the Government’s gold reserve accumulation program. The agreement mandates that Buckreef will sell at least 20% of its gold production to the Government through BoT, in accordance with Section 59 of the Mining Act.
The signing places Buckreef Gold among a growing number of producers contributing to Tanzania’s sovereign gold reserve strategy, a move designed to strengthen the country’s financial position and elevate its presence in the global gold market.
Strategic Alignment with National Goals
“This agreement demonstrates our alignment with national priorities and our confidence in Tanzania’s evolving gold ecosystem,” said Isaac Bisansaba, General Manager of Buckreef Gold. “As we prepare to expand operations, we are proud to participate in initiatives that build domestic refining capacity, support gold reserve growth, and position Tanzania more competitively at the global level.”
The agreement also serves broader Government objectives, including:
- Enhancing value addition and local beneficiation.
- Strengthening foreign exchange reserves.
- Progressing towards international certification standards such as London Bullion Market Association (LBMA) accreditation.
Major Expansion to Drive Production Growth
Coinciding with the agreement, Buckreef is set to embark on a major expansion phase. Key highlights of the plan include:
- Upgrading the processing plant from 2,000 to 3,000 tonnes per day.
- Transitioning into underground mining operations.
- Increasing average annual gold production to 62,000 ounces, peaking at 94,000 ounces by year five.
- Unlocking 14.4 million tonnes of underground resource, grading 2.22 g/t gold.
These developments will not only boost production but also enhance the mine’s operational life and value.
Driving Inclusive Regional Development
The expansion is expected to generate hundreds of new jobs in Geita Region, across sectors such as mining, logistics, processing, and engineering. As part of its commitment to sustainable development, Buckreef has launched a skills development initiative aimed at training over 100 Tanzanian professionals in advanced underground mining techniques.
“As we scale up, so does our commitment to local hiring, training, and procurement,” Bisansaba emphasized. “We continue to work closely with Tanzanian suppliers and communities to ensure the mine’s growth translates into shared prosperity.”
A Strong Public-Private Partnership
Buckreef Gold is a joint venture between TRX Gold Corporation—through its subsidiary TRX Gold Tanzania—and the Government of Tanzania, represented by the State Mining Corporation (STAMICO).
This partnership showcases a successful model of public-private collaboration, advancing national interests in value addition, local content, and the beneficiation strategy laid out in Tanzania’s mining policy.
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