23 October 2017

Tanzania: Tanzanite-One - We're in Step With JPM

Photo: Daily News
Tanzanite.

THE Management of Tanzanite-One Mining Limited has expressed the firm's commitment to support President John Magufuli's initiative to ensure that tanzanite gems and other natural resources benefit the nation and was thus ready to negotiate with the State to this effect.

It says in a statement released from Mirerani, the company's board and management expressed what they termed as 'enthusiasm and eagerness to jointly work with the government in the spirit of good faith and transparency.'

"We at Tanzanite-One, are fully behind the initiative of our President and the local investors of the company firmly believe that by virtue of them being Tanzanians and in the name of patriotism, they owe it to their nation in ensuring that the vision of the Head of State, Dr Magufuli, becomes a reality," reads part of the release from the Company Secretary, Mr Kisaka Mnzava.

Mr Mnzava says that as they await the proposed discussions and negotiations with the state, "the management of Tanzanite-One would like to assure the President and Tanzanians as whole that they will cooperate fully with the government and together ensure positive conclusion that will be of great value to the nation."

While addressing the nation on the ongoing discussions between the government and Barrick Gold Corporation recently, President John Magufuli gave specific instructions to the Minister of Justice and Constitutional Affairs, Prof Palamagamba Kabudi, to start similar negotiations with those mentioned in the special parliamentary committee on diamonds and tanzanite.

On 7th September , Dr Magufuli received a special parliamentary committee report on investigations into tanzanite mining and shortly thereafter, the Head of State visited Mirerani Mining Hills on September 21, and issued specific directives relating to the reviewing of the Joint Venture Agreement between Tanzanite-One Limited and the State Mining Corporation (STAMICO).

In 2014, Mr Hussein Gonga, an Arusha-based businessman, and his partner, Mr Faisal Shahbhat, acquired 50 per cent stake previously owned by Richland Resources Limited of UK which used to run the giant mining firm in a joint venture with the State Mining Corporation (STAMICO).

Richland Resources (UK) Limited, through its CEO, Mr Benard Olivier, had announced its move to sell off its shares in the Tanzanite-One Mining Limited to the Sky Associated Group Limited, a firm owned by Mr Gonga, Mr Shahbhat and a third partner identified as Mr Ridhiwan Ullah.

Mr Gonga also owns three other mining firms Capricorn Minerals, Prima Gemstones (T) Limited, Hugo Gems as well as Hugo Investments.

His partner, Mr Faisal Shahbhat, is behind the Maruti Green Gems and Tanzanite Forever (Limited). The two Tanzanians have struck partnership with Ridhiwan Ulla, an Asian who is the name behind the International Gemstone Dealers Africa and Success Gems Limited of Hong-Kong.

Sky Associate Group Limited has thus inherited all assets, stock and liabilities estimated at 32 billion/- from Richland Resources and the new company has settled TML debts.

More on This

Economists Hail Govt Over 'Beneficial Mining Pact'

ECONOMISTS and analysts have commended the government for entering a beneficial mining deal with Barrick, expressing… Read more »

Copyright © 2017 Tanzania Daily News. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 900 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.