January 17, 2018

TanzaniteOne Mining Limited ready for 50/50 profit-sharing deal with the Tanzanian Government

TanzaniteOne Mining Limited, the largest miner of the rare gemstone, has said it is ready to review its existing joint venture agreement with State Mining Corporation (Stamico).

A special parliamentary committee that investigated tanzanite mining in the country.discovered  loopholes in the mineral supervision such as theft, embezzlement, corruption and lack of accountability. As a result of this, the government has lost million of dollars in undeclared or undervalued exports.

In a statement released on Saturday 21 October, TanzaniteOne said, “We would like to take this opportunity to assure President John Magufuli that we will cooperate fully with the government and together we will ensure positive conclusion (of the negotiations) that will be of greater value to our nation.”

TanzaniteOne  statement follows an agreement reached last week between the government and Barrick Gold, the majority shareholder of Acacia Mining firm, on the 50/50 profit sharing.

Following the signing of the agreement between the government and Barrick Gold, last Thursday, President John Magufuli directed Constitutional and Legal Affairs minister, Palamagamba Kabudi, ti kick-start similar negotiations with tanzanite and diamond miners.

For more on this story: http://allafrica.com/stories/201710230176.html 

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