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The Kigosi Project is a joint project comprising State Mining Corporation ( Stamico ) on behalf of The Government of The United Republic of Tanzania with 15% and the Company, where the Company also represents its underlying contracts with local Tanzanian companies.
According to the Mining Act, 2010, the government will own the shares through its two institutions, the State Mining Corporation (Stamico) and the National Development Corporation (NDC).
Surprisingly, the state mining corporation quietly stalled the public auction within a month to get the leases in its favour.
Under the terms of the Option Agreement Barrick also gained the right to purchase a further 10% interest in the Itetemia concession, a major property in the project, from the State Mining Corporation of Tanzania.
It will be owned 75% by Tanzanian Royalty Exploration Corporation, 15% by Stamico, the State Mining Corporation of Tanzania, and 10% by Beijing Songshanheli Mining Investment Co.
each with a 10% interest, and the Portuguese state mining corporation, EDM, with a 40% participating interest.
Tanzanian Royalty holds a 55% interest in the Buckreef Project with the State Mining Corporation of Tanzania (Stamico) holding the remainder.
In addition, the Company has negotiated a resource sharing joint venture for Kigosi with the State Mining Corporation (Stamico) of Tanzania that conforms with the government's policy of direct participation in minerals industry projects.