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Tanzania: A subsidiary of the State Mining Corporation Stamico, Stamigold, is set to import new heavy duty mining equipment worth $5.
In a bid to turn around the State mining Corporation (STAMICO) to march the continuing economic trends in Tanzania, the government has launched a new company to implement exploration projects on licenses surrounding Tulawaka Mine.
15 November 2013 African Barrick Gold plc (the "Company" or "ABG") Agreement to transfer Tulawaka ABG today announces it is has reached an agreement with STAMICO, the Tanzanian State Mining Corporation, whereby STAMICO will acquire the Tulawaka Gold Mine ("Tulawaka") and certain exploration licenses surrounding Tulawaka for consideration of US$4.
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).
Gold was founded as Silver State Mining Corporation in 1979 and changed its name to U.
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.
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.
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.