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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 Mining’s Footprint in British Columbia

Mining represents 7% of British Columbia’s GDP despite only accounting for 0.04% of the land use.



Mining Footprint in British Columbia

Visualizing Mining’s Footprint in British Columbia

British Columbia is considered a global leader in the development of socially and environmentally responsible resources.

An estimated 54% of the province’s total land is protected, making it one of the world’s greenest mining hubs.

This graphic by the B.C. Regional Mining Alliance (BCRMA) details mining’s footprint in the province.

A Tier 1 Jurisdiction for Mining

British Columbia covers almost 95 million hectares (234 million acres), more than any European country except Russia, and more than any U.S. state except Alaska.

As the largest mining province in Canada, BC registered $18 billion in revenue from the industry in 2022.

British Columbia stands as Canada’s sole producer of molybdenum, which finds applications in metallurgy and chemistry. Additionally, B.C. is the country’s leader producer of copper and steelmaking coal, besides gold and silver.

B.C. mined material breakdown

At the heart of British Columbia’s mining industry lies the Golden Triangle, one of the hottest mineral exploration districts in the world.

More than 150 mines have operated in the area since prospectors first arrived at the end of the 19th century. The region alone is endowed with minerals worth more than $800 billion.

How Green is B.C. Mining

Mining represents 7% of the province’s Gross Domestic Product (GDP), despite only accounting for 0.04% of the land use. In comparison, farmland demands 3% of the land, bringing $2.1 billion (0.8%) per year.

Land Use in B.C.Revenue (2022, CAD $)
Mining 0.04%$18.0 billion
Oil & Gas 0.4%$9.5 billion
Infrastructure1%$25.0 billion
Farmland3%$2.1 billion
Forest62%$13.3 billion

Mining operations are also supported by a stable, transparent, and effective policy environment. The province ranked as the world’s least risky for mining in 2017 and 2018.

In addition, mineral exploration has received ample support from local Indigenous communities. Today, mining accounts for over two-thirds of all indigenous people employed in the extractives sector.

According to the International Energy Agency, up to six times more minerals and metals will be needed by 2040 to accelerate the energy transition.

In this scenario, British Columbia is well positioned to support the transition to a low-carbon future and make a significant contribution to climate action.

The BCRMA is a strategic partnership between indigenous groups, industry, and government representatives that aims to promote B.C.’s mining opportunities internationally.

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Mapped: The 10 Largest Undeveloped Silver Deposits in the World

Global silver demand is poised to soar in the next decade, driven by emerging technologies like EVs and solar power.




Ranked: The Largest Undeveloped Silver Deposits in the World

Global silver demand is poised to soar in the next decade, driven by emerging technologies like electric vehicles and solar power.

Silver demand from solar alone has grown from less than 50 million ounces (Moz) a decade ago to an expected 160 Moz in 2023.

So, where will the necessary supply come from to meet this surge? This graphic from Discovery Silver shows the largest undeveloped silver deposits in the world.

Silver in Green Technology

Silver is a vital part of solar cells. The metal is converted into paste and coated onto silicon wafers to make solar arrays.

When sunlight hits the silicon, silver helps to transport the generated electricity for immediate use or store it in batteries. A typical solar panel can contain as much as 20 grams of silver.

Silver’s conductivity and corrosion resistance are vital in electronics, especially electric vehicles where nearly all electrical connections rely on the metal. Over 50 million ounces of silver are used every year to enhance conductivity in powered seats, windows, and other vehicle electronics.

In 2022, 27% of all silver consumption in the U.S. was attributed to electrical and electronics, while 10% was linked to solar technology.

Global Silver Demand Rising

With the increasing demand for new technologies combined with physical investment (bars) demand, the silver market saw a 237.7 Moz deficit in 2022, an all-time record.

2023 silver industrial demand is forecasted to rise by 4% to a new record high.

However, according to the Silver Institute, mined output is expected to decline over the next five years.

In this scenario, new mines are expected to play an important role in meeting the demand.

Currently, the world’s top 10 undeveloped silver deposits contain 984 Moz. Discovery Silver’s Cordero project in Mexico leads the ranking:

RankProjectOwnerCountryContained Silver Reserves (Moz)
1CorderoDiscovery SilverMexico266
2Corani Bear Creek Mining CorporationPeru229
3Prognoz Polymetal International plcRussia125
4Bowdens Silver Mines LimitedAustralia66
5Santa Ana Formerly Bear CreekPeru63
6FuwanMinco Silver CorporationChina55
7Nueva EsperanzaKingsgate Consolidated LimitedChile48
8Vares Adriatic Metals PLCBosnia & Herzegovina47
9Terronera Endeavour Silver Corp.Mexico47
10MenkechkaGeoProMining Ltd.Russia38

Cordero is located in Chihuahua State in Mexico, one of the world’s most prolific silver producing regions.

Once in production, it is expected to become one of the top three silver mines in the world.

As silver demand is expected to soar, Discovery Silver offers direct investment exposure to this paradigm shift through its Cordero Project. Click here to learn more about Discovery Silver.

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