ESG

"President Magufuli is a man for this time, country and continent"

Toronto-based Tanzanian Royalty Exploration Corporation (CN:TNX) has praised the country’s president John Magulfi, saying his demands on the resources sector were “clearly a call for fair and equal treatment, not nationalisation”.

Staff reporter
 Clearing work underway mid-year for Buckreef’s TSF

Clearing work underway mid-year for Buckreef’s TSF

The country recently passed new laws designed to increase government revenue and give it the power to dissolve contracts and block international arbitration.

In addition to the new legislation, the government has blocked exports of gold and copper concentrate, handed Acacia Mining (LN:ACA) a US$190 billion tax billthat the miner disputes, and last month took more than 70,000 carats worth of diamonds from the Williamson mine it jointly owns with Petra Diamonds (LN:PDL).

However Tanzanian Royalty Exploration, which will share 45% of the asset and earnings of the Buckreef gold project with Tanzania, said the enterprise which produced the natural resources should have a fair share of the rewards.

"As a businessman operating in Tanzania for more than 20 years, it is my opinion that operating in good faith is as necessary in Tanzania as it is everywhere else," executive chairman James Sinclair said.

"President Magufuli is a man for this time, country and continent."

He said the company was not affected by the new laws and referred to recent comments by a government spokesperson, who said there was no truth in reports claiming the country was moving to take over ownership of mines.

The company started negotiations in July to finance a gravity/CIL plant for the Buckreef openpit project which has a reserve just over 1 million ounces.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.