BOT Domestic Gold Purchase Program

The Bank of Tanzania (BOT) has issued a public notice dated 1 October 2024 and a public notice dated 8 October 2024 introducing the Domestic Gold Purchase Program (BOT Program). The BOT Program is intended to offer gold sellers the opportunity to sell their gold directly to BOT at competitive World Market Prices in TZS/g published daily by the Mining Commission.

The BOT Program offers a 100% payment within 24 hours subject to confirmation of a fire assay report and the BOT will cover all the refining costs.

BOT has selected Geita Gold Refinery Limited, Mwanza Precious Metals Refinery Co Limited and Eyes of Africa Limited as the designated refineries where gold sellers should deliver their gold for refining.

The BOT Program also offers incentives such as a reduction of Royalty Fees to 4% (from 6%), Inspection Fees to 0% (from 1%) and zero-rated VAT.

NOTE: This has been prepared for general information purposes for any interested persons, it is not comprehensive information on the subject matter and it should not be regarded as legal advice.

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