Driving Value, Sustainability, and Prosperity in Mining

Committed to the Buckreef Gold Project, TRX Gold has initiated discussions with its partner, the State Mining Corporation, and the Tanzanian government to reassess its current arrangements and establish a framework to enable it to enhance its financial and technical investment in the project.

What are TRX Gold’s core operations?
TRX Gold, a company registered in Canada and listed on the Toronto and New York stock exchanges, is established with the aim of providing necessary financial and technical support to the Buckreef Gold Project. Its focus lies on prioritizing mine infrastructure development to increase mine production capacity and creating medium to long-term value by exploring new areas. TRX Gold collaborates with Buckreef Gold Project’s directors and management to ensure a conducive work environment that is centered around the performance of its people, operational efficiency, and adherence to acceptable standards.

What is TRX Gold’s mission?
TRX Gold is focused on realizing the full potential of the Buckreef Gold Project. We envision a point in time when the project will operate at its optimal level, delivering a return on investment to the shareholders and maximum value for the project’s stakeholders, ensuring sustained success and prosperity.

What is TRX Gold’s mission?
TRX Gold is focused on realizing the full potential of the Buckreef Gold Project. We envision a point in time when the project will operate at its optimal level, delivering a return on investment to the shareholders and maximum value for the project’s stakeholders, ensuring sustained success and prosperity.

What is TRX Gold’s vision for the future?
We are committed to the continuation of the Buckreef Gold Project expansion, and in order to achieve this, we have initiated discussions with our partners, the State Mining Corporation and the Government of Tanzania, to reassess our current arrangements and establish a framework to enable us to enhance our financial and technical investment in the project.

What progress has been made with the Buckreef Gold Project?
Under the leadership of CEO Stephen Mullowney, TRX Gold’s executive management assumed control in early 2021, directing efforts towards expediting the development of the Buckreef Gold Project. Within three years, we have achieved the milestone of commencing commercial production, generating over TSh190 billion [approximately US$73 million] in revenue (contributing to foreign currency inflows). TRX Gold’s executive management has positioned Buckreef Gold Project as a respected gold producer, fostering stronger relationships through collaborative efforts with our partner, the government, the Geita community, and mining stakeholders.

What role does the company play in Tanzania’s socio-economic development?
The mining industry plays a vital role in Tanzania’s economy, contributing 10% of its GDP. Our investment in the Buckreef Gold Project is already making a substantial socio-economic impact, having created over 500 direct jobs, sourcing a majority of goods and services locally, as well as fulfilling governmental obligations including TSh14 billion [US$5.4 million] paid in royalties and
fees and supporting community initiatives to the tune of TSh1.1 billion [approximately US$424,000] in education and healthcare. As the project expands, its socio-economic impact will grow exponentially.

What opportunities for investors, do you believe, lie in Tanzania’s mining sector?
The country is endowed with a vast mineral potential, ranging from precious metals, gemstones, and industrial minerals to critical minerals. It enjoys socio-economic and political stability, an improving infrastructure, a competitive fiscal regime and investment-supportive policies, making it
a leading mining investment destination. The Government has embarked on a nationwide geophysical airborne survey to identify the country’s mineral potential and unlock investment opportunities.

“TRX Gold is focused on realizing the full potential of the Buckreef Gold Project.” Khalaf Rashid, Senior Vice President and Managing Director of TRX Gold.

Source: Forbes Africa June/July 2024 Edition