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Tuesday, 29th May 2007 (4455 views)

A gold refinery plant in Dar, Tanzania, has received an investment of more than $1 million (£503,000) from the Federal Bank of the Middle East (FBME), it has been revealed.

The FBME states that it invested the money in the Mwanza gold refinery in a bid to help the small-scale miners improve the quality of their gold.

It is hoped by the FMBE that in doing so the miners will be able to generate more profit from their gold.

"The plant will help artisan miners, who have been operating in a fiercely competitive business environment that most of the time has undermined their earnings," FBME bank chief executive officer Fadi Saab was quoted by East African Business Week as saying.

Mr Saab added that he expects this project to be expanded through other regions of Tanzania in due course.

The Africa Precious Metals (APM), which is a subsidiary of FBME Bank, constructed and runs the gold refinery in Dar and chief executive officer Dr Manfred Akstinat told the EastAfrican that APM is confident of the project's success.

 

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