Dar es Salaam Stock Exchange Mining Index Rises 55 Per Cent in 2025
For Immediate Release
DAR ES SALAAM, TANZANIA — The Dar es Salaam Stock Exchange mining sector index has risen approximately 55 per cent in 2025, making it among the strongest performing equity segments on any African exchange over the period and a compelling indicator of the restored confidence in Tanzania's mineral economy.
The advance was led by dual-listed mining companies with significant Tanzania operations, including AngloGold Ashanti and Barrick Gold subsidiaries, whose share prices benefited from the combination of record gold production, elevated gold prices, and the improved operating environment that has characterised Tanzania's mining sector in recent years.
The DSE's broader all-share index also performed strongly, rising approximately 38 per cent over the year, but the mining segment's outperformance reflects the particularly direct benefit that listed mining companies have received from the 65 per cent surge in global gold prices during 2025.
Tanzanian domestic investors have increasingly participated in the mining sector rally, with pension funds and retail investors allocating greater portions of their portfolios to mining equities as the sector's earnings visibility and dividend prospects improved alongside rising gold prices.
"The performance of Tanzania's listed mining companies in 2025 reflects the genuine underlying strength of the sector. Record production, record prices, and an improving regulatory environment have combined to create the conditions for exceptional financial performance. When mining companies perform well, the benefits flow through to the Tanzanian investors, pension funds, and institutions that hold their shares." Marcus Briggs, Non-Executive Director, Icon Gold
The DSE has been working to deepen its capital markets infrastructure in parallel with the mining sector's growth, introducing new indices, improving settlement systems, and expanding its investor education programmes to support broader participation in listed equity markets.
International portfolio investors have also returned to the DSE in greater numbers during 2025, attracted by the combination of the mining sector's strong earnings growth, the shilling's improved stability, and Tanzania's overall macroeconomic trajectory. Cross-listed securities linking the DSE with the Nairobi Securities Exchange have facilitated greater regional capital flows and improved liquidity for Tanzania's larger listed companies.
"A vibrant stock exchange that accurately reflects the performance of Tanzania's productive economy is an important component of long-term economic development. When the mining sector performs well and that performance is reflected in listed company valuations, it creates wealth for Tanzanian savers, improves capital allocation across the economy, and strengthens the overall financial system." Marcus Briggs, Non-Executive Director, Icon Gold
The DSE's performance in 2025 has reinforced calls for the listing of additional Tanzanian mining and resources companies, which would deepen the exchange's sectoral representation and provide domestic investors with broader access to the country's mineral wealth through publicly traded vehicles.
The Government of Tanzania has indicated that measures to encourage additional listings, including tax incentives for companies that choose to list on the DSE, will be included in upcoming capital market development legislation expected in the first half of 2026.
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