Dar es Salaam Bank Invests $1 Million in Gold Refinery

From East African Business Week, Kampala (Uganda)
By John Lazaro

The Federal Bank of Middle East (FBME Bank) Ltd has invested over US$1million in a new gold refinery plant in Tanzania's Mwanza region to add value to gold exports from small-scale miners.

FBME Bank Chief Executive Officer, Mr. Fadi Saab said in Dar es Salaam last week that the refinery would target small-scale miners, who without a defined market-have been loosing out to middlemen and businessmen in the black market, to smugglers and through money laundering.

Saab said the new refinery would cater for small-scale miners by improving the quality of their gold and subsequently their standards of living.

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