TRANSPARENCY SNAPSHOT
A lack of transparency has been the norm in Tanzania's extractive industries, though officials privately acknowledge the need for change. In recent months, the public outcry for greater transparency has grown , in the wake of several scandals related to the procurement and enforcement of contracts and fiscal obligations. One such scandal actually led to the sacking of the prime minister and the dissolution of the cabinet in February 2008.
Mining accounted for 3.8% of Tanzania's GDP in 2006, and gold represented 90% of mineral exports. Tanzania is also richly endowed with several other minerals, including cobalt, copper, nickel, platinum group metals, and silver, as well as diamonds and a variety of gemstones. The petroleum sector is dominated by natural gas, of which there are currently two producing fields. Commercial quantities of oil have yet to be discovered.
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EXTRACTIVE INDUSTRIES
Tanzania has commercial deposits of a wide range of minerals, as well as potentially significant oil and natural gas deposits.
Gold accounts for 90% of mineral exports (EIU 2007). Five gold mines have the lion's share of Tanzanian mining: the Bulyanhulu and Pangea mines, owned by Barrick Gold (Canada) and Khama mining company (Barrick is a major shareholder); Geita gold mine, owned by AngloGoldAshanti; Golden Pride Mine, owned by Resolute (Australia); and the North Mara mine, owned by Placer Dome (Canada).
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| EXTRACTIVE INDUSTRIES | |
|---|---|
| Proven Gas Reserves (bcf) | 800 |
| Gas Production (mln. cubic meters/year) | 408 |
| Gas Revenue | 0 |
| Gas as % Total Exports | 0 |
| Gas as % Total Government Revenue | 0 |
| Gas Consumption | N/A | Net Gas Exports (Production minus Consumption) | 0 |
| Proven Gold Reserves (tons) | 840 |
| Gold Production (kg/year) | 52,236 | Gold Revenue | $773 MM |
| ECONOMIC INDICATORS | |
|---|---|
| GDP | $12.8B |
| GDP per capita | $334 |
| % Population Living on < $2/day | 89.9 |