DAR ES SALAAM, June 18 -- THE Bank of Tanzania (BoT) has signed contracts with four mining firms and a gold refinery plant aimed at enhancing the purchase and refining of gold.

The move is in line with Section 59 of the Mining Act, which requires miners to allocate 20 per cent of their production for domestic sales, including to the Bank of Tanzania.

The companies involved in the lucrative deals signed in Dodoma on Monday were Geita Gold Mining (GGM), Shanta, Buckreef and the Geita Gold Refinery (GGR).

Speaking shortly after witnessing the signing of the deal, Finance Minister Dr Mwigulu Nchemba urged local gold refineries to take advantage of the opportunity by increasing their refining capacity to meet international standards, partic...