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Volume, value of gold, diamond rise in Q 1

LARGE SCALE miners produced gold and diamond valued at 469.1 million US dollars during the quarter ending March which is higher than 325.9 million US dollars in the corresponding period in 2019 on account of the increased value and volume sale in the global market.

The Bank of Tanzania Economic Bulletin for the quarter ending March, the outturn was mostly driven by gold, whose value grew by 49.5 percent to 454.4 million US dollars following increase in volume sale and unit price in the world market.

During the quarter under review, the volume of gold increased to 11,6 4 6 .4 kgms compared to 10,06 3 .4 kgms produced in the corresponding period, which is representing 15.7 per cent change.

The value of gold produced in the quarter was 4 54 .4 million US dol- lars up from 3 03 .9 million US dol- lars in the corresponding period.

Diamond produced during the period was 98 ,4 50.0 karats down from 114 ,97 4 .6 karats in the cor- responding period while the value was 14 .8 million US dollars com- pared to 2 2 .0 million US dollars.

During the reference period the procurement of traditional cash crops was mixed across the crops. The volume of cashew nuts and tobacco procured during the quarter was higher than in the similar quarter in 2 019, while that of tea, coffee and sisal declined.

The decline in procured vol- ume of tea was attributed to unfavourable weather which destroyed tea fields and low global demand following outbreak of Covid-19 that lead to scaling down of opera- tions in some processing factories.

In addition, heavy rains, which damaged some of feeder roads, hampered smooth trans- portation of green leaf from farm yards to processing factories.

As for coffee, the decline was due to drought experienced in northern regions during flowering period coupled with low crop cycle, while for sisal it was on ac- count of low global demand particularly from China, Spain and Middle East following Covid-19 pandemic.

TANZANIAN economists have received the news of the ...

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Author: DAILY NEWS Reporter

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