Tanzania Gold “Set Aside” Regulations 2024

The Mining (Minerals and Mineral Concentrates Trading) Regulations 2018 have been amended by the Mining (Minerals and Mineral Concentrates Trading) (Amendment) Regulations 2024 as follows:

1. Authorised miners and licensed dealers are required to set aside not less than 20% of won or obtained gold.
2. The gold set aside shall be traded within Tanzania to refineries, smelters, jewellers or the Government through the Bank of Tanzania (BOT).
3. The Government through BOT shall have a pre-emption right exercisable by the BOT in consultation with the Mining Commission in appointing a licensed dealer to purchase gold on its behalf.
4. Authorised miners or licensed dealers, who have not set aside the required gold amount, shall not be issued with a gold export permit.
5. If the Government opts not to exercise its pre-emption right, the BOT shall notify the Mining Commission in writing and, upon receipt of such notice, the Mining Commission shall authorise the disposal of gold set aside to refineries, smelters and jewellers established within Tanzania.
6. Authorised miners or licensed dealers may trade within Tanzania or export by-products derived from gold set aside.

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.

Please contact VELMA Law if you have any comments or questions.