THE Minister for Energy and Minerals, Mr George Simbachawene, has given green-light for acquisition of TanzaniteOne Mining Limited by Sky Associates Group.
State Mining Corporation (STAMICO) Acting Managing Director, Eng Edwin Ngonyani said on Thursday that the consenting of the Minister was in accordance to the terms and conditions of the Mining Act 2010 and the Mining Licence (ML) regulations 490/2013.
“The implication of this consent now means that Richland Resources has been allowed to sell its company TanzaniteOne (SA) Proprietary Limited to Sky Associates Group Limited, a company registered in British Virgin Island and operating in Hong Kong for 22.5 million US Dollars inclusive of debts and assets,” he said.
Eng Ngonyani said that prior to the Minister’s consent there were a lot of misconceptions floating on social media that STAMICO was wrong by agreeing to the sale, that the amount was too little and that one of the directors of the new owner was rumoured to be the son of President Jakaya Kikwete, Mr Ridhwani Kikwete.
He said that these rumours even reached the Parliamentary Committee for Energy and Minerals and in their meetings they had agreed that once the Minister has consented, STAMICO should inform the public to quell anxiety amongst the public.
It was perceived by some that the sale amounted to 5.1 million US Dollars but is in fact 22.5 million US Dollars,” he explained. Eng Ngonyani said that now that the consent is out, they are preparing meetings with the new joint shareholder of the ML 490/2013 Sky Associates Group to improve their joint venture contract in the Mirerani block for the greater welfare of STAMICO and Tanzanians.
Some of the areas targeted in the improvement of the contract include production from the mine to be sold locally so as to ensure enough supply of Tanzanite into the local market for value addition purposes before the surplus is sold into the international market, STAMICO to be given the assurance of receiving timely payments of management fees (2.5 per cent) of Tanzanite sales.
Others are STAMICO to be fully involved in the mining, sorting and trading business chain of Tanzanite as a partner with 50 per cent ownership in the mineral right, the two parties to work aggressively together to promote Tanzanite internationally and locally so as to boost its demand and price for the benefit of the nation and operators.
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