Buckreef Gold Signs Strategic Gold Sale Agreement with Bank of Tanzania Amidst Plan for Major Expansion Drive

Buckreef Gold Company Limited on June 16^th, signed a gold sale agreement with the Bank of Tanzania (BoT), joining other leading producers in supporting the Government’s gold reserve accumulation efforts. The agreement, signed in Dodoma, will require Buckreef Gold to sell a minimum 20% of its gold production to the Government via the Bank of Tanzania, in line with Section 59 of the Mining Act.

This strategic move comes at a time when Buckreef is planning an expansion phase that is set to significantly boost its gold output and deepen its contribution to Tanzania’s economic development.

“This agreement demonstrates our alignment with national priorities and our confidence in Tanzania’s evolving gold ecosystem,” said Isaac Bisansaba, General Manager of Buckreef Gold. “As we are preparing to expand operations, we are proud to participate in initiatives that strengthen the country’s gold reserves, build domestic refining capacity, and position Tanzania more competitively on the global gold market.”

The gold sale agreement directly supports the Government’s objectives of enhancing value addition, improving foreign exchange reserves, and paving the way for international certification standards such as the London Bullion Market Association (LBMA) accreditation.

Buckreef’s expansion plans, which include transitioning to underground mining and upgrading its process plant from 2,000 to 3,000 tonnes per day, are expected to increase gold production to an average of 62,000 ounces per year, with a peak of 94,000 ounces in year five. The mine holds 14.4 million tonnes of underground resource grading 2.22 g/t gold.

The expansion is also poised to fuel inclusive growth in the Geita region, with hundreds of new jobs to be created across mining, engineering, logistics, and processing. Buckreef has also announced the rollout of a skills development program that will train over 100 Tanzanian professionals in advanced underground mining techniques.

“As we scale up, so does our commitment to local hiring, training, and procurement,” said Bisansaba. “We continue to work closely with Tanzanian suppliers and communities to ensure the mine’s growth translates into shared prosperity.”

Buckreef Gold is a joint venture between TRX Gold Corporation, through its subsidiary TRX Gold Tanzania, and the Government of Tanzania through the State Mining Corporation (STAMICO).

This signing reflects not only Buckreef’s long-term commitment to Tanzania but also its growing role in advancing local content, value addition, and the broader beneficiation strategy championed by the Government.