Dar es Salaam — Tanzania has on January 19, signed a contract with LZ Nickel Ltd that to start a joint venture company known as Tembo Nickel Corporation.
The venture is expected to start two companies known as LZ Nickel Mining Ltd for extraction of nickel and LZ Nickel Refinery Company for the multipurpose mineral smelting industry in Kahama.
Speaking during the signing ceremony, LZ Nickel Ltd Vice Chairman Chris Von assured President John Magufli that their team represents a significant capability and deep rich experience in bringing mines into production as well as funding mining projects for 40 years now.
"We have developed and funded mining and refining projects in African countries and other continents including South Africa, Zimbabwe, Ghana and Mauritania as well as Europe, Australia, South America and North America," he said.
He said they have done this before and funding is in place, therefore, will not let the government down. He said the company is here to do business for the long term and to help develop minerals for the benefit and uplifting the livelihood of local people.
According to him, the signing of the framework agreement that establishes Tembo Nickel partnership for development of Kabanga Mine and refining of copper cobalt and nickel is an historical milestone in Tanzania and East Africa
According to him the essence of the agreement is an equitable partnership through Tembo Nickel where all interest will be shared equally. The project aims to add value to the minerals for the development of the country.
"The Project aims to develop the country's vision of adding value to all minerals and to expand refineries beyond Kabanga that will make Tanzania a regional and central hub for East and central Africa that will process minerals in Africa."
He also said that the project will be referred to as a Multimetal refinery facility.
"The key to unlocking fully Kabanga is hydro refinery technology used to refine Kabnag concentrate in Tanzania. Create jobs for the peopleand value added as well as experience for Tanzania."