Where do gold mining company in Africa sell their gold? Can I buy directly from them?
Gold mining companies in Africa, when we speak of larger companies with 50–100 people employed, and good organization, they sell their gold to best refineries in the world, to the dealers and to the clients who have signed up contracts of pre-financing or forward gold production.
Such companies are certainly not looking where to sell gold, as that subject “where to sell” is solved for the mining company before they even start mining. Gold market everywhere in Africa is well expanded and there is absolutely no need for the genuine miners to “search for buyers”. All such offers are to be considered fake when coming supposedly from Africa.
Small miners, like when there is 1 to 50 people even 500 people, but without organization, they never need a foreigner in other country to buy gold, because on the place there are many brokers and dealers, and same day they produce gold, they sell it, without hesitations.
In general, miners in Africa do not collect gold, especially not in quantities, to sell it later to some “foreign buyer”.
When a foreign investor wishes to buy gold in Africa, that is quite possible. One should already know little about the gold. And buying without license, depends of country to country. In Ghana, it is not simple to come, buy gold and go, as all the formalities have to be handled. Only with the local trusted help, one may go into such business. By opening a local company, then one is in the real business. See:
- Your trusted concierge in Ghana – all about gold and diamonds in Ghana and
- Frank, RCD Wealth associate in Ghana
In Kenya, Uganda, there is no gold to be bought in quantities, however, many offers come from that area, they claim to have “gold from Congo”. That is all nonsense. Importation of gold from Congo would ask for 25% import duties in East Africa, and nobody imports gold without knowing where to sell it. So those are fake gold offers. Such offers also come from Tanzania.
Any foreigners expecting to buy gold in quantities in Africa shall rather be cautious, as such simply do not exist in reality, especially with “cheap prices”. Any offers which mention Aurum Utalium, SKR, SCO, FCO are fake offers. That is not how gold is bought in Africa. Also offers with the letter of credit are virtually all fake.
That is for reason that there are so many local dealers, and they pay 99% - 105% for gold, often better than in Europe, so scamers like to make the foreigners blind. And many do fall into temptation and loose the moneys.
In Tanzania it is quite possible to buy gold when doing local trade. It requires opening a local company, and the legal setup. See the calculation below, which is very realistic. It requires agreements, local presence and local business establishment, and knowing where to buy, from whom and similar. More on that you may find out trough Start Your Own Gold Mine
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