Tuesday, 10 April 2012

Barrick to Open New Mine in Sengerema

From Daily News via allAfrica.com, Dar es Salaam

AFRICAN Barrick Gold (ABG) is set to open another gold mine in Sengerema district, Mwanza region in which the government will have free carried interests in line with the Mining Act of 2010, Energy and Minerals Minister William Ngeleja announced in Dar es Salaam on Thursday.

The free-carried interest (a share that a general partner receives as compensation, despite not contributing any initial funds) will enable us to get dividends and have representation in the board of directors," Mr Ngeleja said. The minister made the remarks during an occasion to unveil the Mining Advisory Board (MAB) in Dar es Salaam on Thursday.

The formation of the ten-member board is in line with the requirements of the Mining Act of 2010. It will be charged with advising the government on all matters related to the mining sector. ABG announced mid this week that gold deposits at the envisaged gold mine, to be dubbed Nyanzaga Project, are in excess of four million ounces.

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