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The History of the Lake Victoria Goldfield



The following content is sponsored by Tembo Gold

The History of the Lake Victoria Goldfield

One of the most important mining sites in Africa, Tanzania’s Lake Victoria Goldfield holds several multi-million-ounce gold deposits and has ongoing operations by some of the largest gold companies in the world.

In this infographic from our sponsor Tembo Gold, we dive into the history of the site, examining its significance and gold production to date.

The Significance of the Lake Victoria Goldfield

Despite Southern and Western African countries mining gold for centuries, the gold reserves in East African countries, specifically those of Lake Victoria, have been relatively untapped in nature until recently.

According to Tanzania’s Ministry of Energy and Minerals, Tanzania has proven reserves of over 44 million ounces of gold, with many discoveries around the Lake Victoria Goldfield turning into multi-million-ounce deposits.

Bolstered by gold-rich greenstone belts, a rich history and growing infrastructure, the Lake Victoria Goldfield is a strategic and significant location for mining.

Over 100 Years of Gold Exploration

Before Resolute Mining’s Golden Pride mine opened in 1999, Lake Victoria Goldfield had a few relatively dormant decades. Gold exploration in the area, however, has been underway for more than 100 years.

The first ever commercial mine in East Africa started production in 1909, following Germany’s establishment of the German East Africa colony in 1891. By 1937, three gold mines dominated gold production in Lake Victoria. Within four years, the region’s annual production of gold reached more than 150,000 ounces.

However, things changed for Lake Victoria’s mining industry when Tanzania gained independence from Germany in 1961. Under the new government, agriculture was seen as the preferred approach for economic growth, and slowly but surely, all commercial gold mining in the country came to a halt.

The Tanzanian government did not revisit policies that favored mining and foreign investment again until 1998. Within one year of the new Mining Act, Golden Pride started mining in the Lake Victoria Goldfield, and several more followed. From approximately 10,000 ounces of gold in 1997, gold production flew to 1.68 million ounces by 2005.

Now, in 2023, Lake Victoria has significant infrastructure with a 25-year history of post-colonial mine development predated by over 100 years of gold exploration.

Lake Victoria Goldfield’s Legacy

As physical gold continues to play an integral part in asset management and investor interests rise in the face of inflation, gold exploration and production is as important and valuable as ever.

With a growing establishment of mines from world-class gold companies and exceptional preliminary drilling results in many projects– including in Tembo Gold’s 32 km2 project area–Lake Victoria Goldfield’s legacy is only beginning.

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Real Assets

Visualizing Global Gold Production in 2023

Gold production in 2023 was led by China, Australia, and Russia, with each outputting over 300 tonnes.



Graphic breaking down global gold production in 2023

Visualizing Global Gold Production in 2023

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Over 3,000 tonnes of gold were produced globally in 2023.

In this graphic, we list the world’s leading countries in terms of gold production. These figures come from the latest USGS publication on gold statistics (published January 2024).

China, Australia, and Russia Produced the Most Gold in 2023

China was the top producer in 2023, responsible for over 12% of total global production, followed by Australia and Russia.

CountryRegion2023E Production (tonnes)
🇨🇳 ChinaAsia370
🇦🇺 AustraliaOceania310
🇷🇺 RussiaEurope310
🇨🇦 CanadaNorth America200
🇺🇸 United StatesNorth America170
🇰🇿 KazakhstanAsia130
🇲🇽 MexicoNorth America120
🇮🇩 IndonesiaAsia110
🇿🇦 South AfricaAfrica100
🇺🇿 UzbekistanAsia100
🇬🇭 GhanaAfrica90
🇵🇪 PeruSouth America90
🇧🇷 BrazilSouth America60
🇧🇫 Burkina FasoAfrica60
🇲🇱 MaliAfrica60
🇹🇿 TanzaniaAfrica60
🌍 Rest of World-700

Gold mines in China are primarily concentrated in eastern provinces such as Shandong, Henan, Fujian, and Liaoning. As of January 2024, China’s gold mine reserves stand at an estimated 3,000 tonnes, representing around 5% of the global total of 59,000 tonnes.

In addition to being the top producer, China emerged as the largest buyer of the yellow metal for the year. In fact, the country’s central bank alone bought 225 tonnes of gold in 2023, according the World Gold Council.

Estimated Global Gold Consumption

Most of the gold produced in 2023 was used in jewelry production, while another significant portion was sold as a store of value, such as in gold bars or coins.

  • Jewelry: 46%
  • Central Banks and Institutions: 23%
  • Physical Bars: 16%
  • Official Coins, Medals, and Imitation Coins: 9%
  • Electrical and Electronics: 5%
  • Other: 1%

According to Fitch Solutions, over the medium term (2023-2032), global gold mine production is expected to grow 15%, as high prices encourage investment and output.

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Real Assets

Charted: The Value Gap Between the Gold Price and Gold Miners

While gold prices hit all-time highs, gold mining stocks have lagged far behind.



Line chart comparing gold price and gold mining stocks since 2000.

Gold Price vs. Gold Mining Stocks

This was originally posted on our Voronoi app. Download the app for free on Apple or Android and discover incredible data-driven charts from a variety of trusted sources.

Although the price of gold has reached new record highs in 2024, gold miners are still far from their 2011 peaks.

In this graphic, we illustrate the evolution of gold prices since 2000 compared to the NYSE Arca Gold BUGS Index (HUI), which consists of the largest and most widely held public gold production companies. The data was compiled by Incrementum AG.

Mining Stocks Lag Far Behind

In April 2024, gold reached a new record high as Federal Reserve Chair Jerome Powell signaled policymakers may delay interest rate cuts until clearer signs of declining inflation materialize.

Additionally, with elections occurring in more than 60 countries in 2024 and ongoing conflicts in Ukraine and Gaza, central banks are continuing to buy gold to strengthen their reserves, creating momentum for the metal.

Traditionally known as a hedge against inflation and a safe haven during times of political and economic uncertainty, gold has climbed over 11% so far this year.

According to Business Insider, gold miners experienced their best performance in a year in March 2024. During that month, the gold mining sector outperformed all other U.S. industries, surpassing even the performance of semiconductor stocks.

Still, physical gold has outperformed shares of gold-mining companies over the past three years by one of the largest margins in decades.

YearGold PriceNYSE Arca Gold BUGS Index (HUI)

Among the largest companies on the NYSE Arca Gold BUGS Index, Colorado-based Newmont has experienced a 24% drop in its share price over the past year. Similarly, Canadian Barrick Gold also saw a decline of 6.5% over the past 12 months.

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