Tanzania’s Gold Exports Hit US$5.6 Billion as East Africa’s Next Mines Take Shape
News Provided by Canada News Group on behalf of Lake Victoria Gold Ltd.
VANCOUVER, British Columbia, Oct. 23, 2026 (GLOBE NEWSWIRE) — Canada News Group News Commentary – Gold is driving Tanzania’s export growth. In its September 2026 Monthly Economic Review, the Bank of Tanzania reported that gold exports increased to US$5,625.0 million from US$4,321.5 million in the year ending August 2026, on account of higher global prices and volumes, contributing nearly two-thirds of the overall increase in the country’s goods exports. The gains have come in a volatile market for the metal, and across Africa, producers and developers are pressing ahead with permits, expansions and new mines. Companies mentioned in today’s commentary include: Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K), B2Gold Corp. (NYSE American: BTG) (TSX: BTO), IAMGOLD Corporation (NYSE: IAG) (TSX: IMG), Harmony Gold Mining Company Limited (NYSE: HMY) (JSE: HAR), Gold Fields Limited (NYSE: GFI) (JSE: GFI).
The Bank of Tanzania said goods exports rose 19.8% to US$11,960.8 million over the same period, and that foreign exchange reserves remained adequate, supported by export earnings and the Bank’s gold purchase programme, with gross official reserves of US$5,888.2 million at the end of August 2026.
The price backdrop has turned choppy since then. The World Gold Council reported that gold finished September at US$4,176 an ounce, 8.5% lower for the month, although global gold ETFs still recorded US$10 billion of inflows. On October 22, a widely followed gold miners ETF fell 5.80% in a single session, according to Stock Analysis data.
Through the swings, African gold companies have continued to advance their projects, from new mining permits and expansion plans among established producers to early works at smaller development projects in Tanzania.
Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K)
Lake Victoria Gold is advancing its Imwelo Gold Project, which the company describes as fully permitted, toward construction. In September, the company reported that initial spot repairs on the Katoro-to-Imwelo access road had been completed, that clearing, stripping and levelling were advancing across key process and infrastructure areas, and that the construction camp was substantially complete.
Test work has also shaped the project’s processing plan. On September 24, the company identified a preferred processing route for Imwelo’s near-surface mineralization: in mechanically agitated leach testing, 24-hour gold extraction increased from 49.99% on as-received material to 84.54% following attrition scrubbing and desliming. The company notes those recoveries relate to the pretreated fractions and do not yet represent overall whole-ore plant recovery. Earlier, on August 27, drilling at Imwelo’s Area C returned 28.71 g/t gold over 2.75 meters from 21.00 meters in hole IMWDR029, and the company has also advanced its Phase 3 land programme toward final approval and compensation.
At its Tembo Gold Project, the company announced a maiden NI 43-101 Mineral Resource Estimate in August comprising an Indicated Mineral Resource of 2.69 million tonnes at 1.16 g/t gold containing 99,700 ounces and an Inferred Mineral Resource of 13.33 million tonnes at 1.12 g/t gold containing 480,100 ounces.
“These early works mark an important step as we move Imwelo from a fully permitted, development-ready asset toward construction,” said Marc Cernovitch, President and CEO of Lake Victoria Gold. “Reliable site access, preparation of the core infrastructure footprints and a substantially complete build-once camp are essential to that transition and reflect our practical, disciplined approach to development.”
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B2Gold Corp. (NYSE American: BTG) (TSX: BTO)
B2Gold announced in August that the State of Mali granted the Menankoto exploitation permit for its Fekola Regional project, which will be owned 65% by B2Gold and 35% by the State of Mali. The company said Fekola Regional is expected to ramp up operations through the end of 2027 and produce in excess of 150,000 ounces per year from 2028 through the mid-2030s.
“The issuance of the Menankoto Exploitation Permit is a significant milestone for both B2Gold and the State of Mali. The Fekola Complex is currently the largest producing gold mine in Mali and issuance of the Menankoto Exploitation Permit secures the future of the operation well into the late 2030’s,” said Mike Cinnamond, President and CEO of B2Gold.
IAMGOLD Corporation (NYSE: IAG) (TSX: IMG)
IAMGOLD’s Essakane mine in Burkina Faso, in which the company holds an 85% interest, produced 88,400 attributable ounces in the second quarter, an increase of 15% from the prior year, and the company expects Essakane’s 2026 attributable production in the range of 340,000 to 380,000 ounces. IAMGOLD will report third-quarter results after the market close on November 5.
“IAMGOLD delivered another strong and safe quarter, producing 188,100 ounces of gold and generating $507.3 million of adjusted EBITDA, keeping us firmly on track to achieve our full-year guidance of 720,000 to 820,000 ounces,” said Renaud Adams, President and CEO of IAMGOLD.
Harmony Gold Mining Company Limited (NYSE: HMY) (JSE: HAR)
South Africa’s Harmony reported fiscal 2026 gold production of 1,429,551 ounces, in line with guidance and achieving production guidance for the 11th consecutive year, at all-in sustaining costs of US$2,195 per ounce. Its fiscal 2027 guidance calls for gold production of between 1,300,000 and 1,400,000 ounces, alongside copper from its CSA mine.
“FY26 was a defining year in Harmony’s evolution into a diversified gold and copper producer. Through safe, consistent operational delivery, disciplined execution and strategic investment, we achieved gold production guidance for the eleventh consecutive financial year and delivered on all key operating guidance metrics,” said Beyers Nel, Chief Executive Officer of Harmony.
Gold Fields Limited (NYSE: GFI) (JSE: GFI)
Gold Fields reported first-half 2026 attributable gold-equivalent production of 1.267 million ounces, up 12% year on year and on track to meet the upper end of full-year guidance. In Ghana, its Tarkwa mine produced 192,000 ounces in the half, 18% lower than a year earlier, and the company said Tarkwa is at risk of not recovering the first-half shortfall, while it seeks renewal of the Tarkwa mining leases, which expire in April 2027.
“We remain committed to Tarkwa and our long-term contribution in Ghana, where we have operated for over 30 years,” Chief Executive Officer Mike Fraser wrote in the company’s half-year results statement.
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Article Source: Lake Victoria Gold Ltd. news releases dated August 11, August 27, September 3, September 10 and September 24, 2026.
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