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Firm Finds Vast Gold Deposits in Singida

Discussion in 'Biashara, Uchumi na Ujasiriamali' started by Invisible, Aug 12, 2009.

  1. Invisible

    Invisible Admin Staff Member

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    An American company has announced the discovery of vast gold deposits in Singida Region.

    Lake Victoria Mining Company said in its August 6 statement that initial assay results from an underground sampling suggested that gold was present in a five-kilometre strip at a staggering grade of 7.1 grams of the precious metal per metric ton.

    Comparatively, according to the United States Geological Survey, Canada's Barrick Gold Corporation found a grade of 1.9 grams per metric ton at Buzwagi in Kahama District during a pre-feasibility study in 2005.

    Buzwagi Gold Mine, which started production in May, this year, is Tanzania's newest gold mine.Barrick said Buzwagi was expected to produce approximately 200,000 ounces of gold at the cost of between $320-$335 (Sh424,000-Sh443,875) per ounce.

    Prior to the identification, Lake Victoria Mining geologists had collected 175 underground samples from 36 mine shafts within a five-kilometre long trend between June 13 and July 8 this year. The identification was made at an area where artisanal miners work.

    The maximum accessible sampling depth was just 47 metres below the surface, and the uncut average value of 7.1 grams per metric ton prompted the firm's president, Dr Roger Newell, to state that the results confirmed the importance of Singida Region in gold mining.

    According to the statement, the samples were analysed at the company's laboratory in Mwanza, which was built to ensure that the company succeeded in creating another gold mine in the world famous Lake Victoria Greenstone Belt.

    The announcement was made less than a week after it was announced that the initial assay results from small-scale mining tailing piles averaged 2.75 grams per metric ton.

    The tailing piles are a result of the past five years of small-scale mining, processing and gold recovery operations by local artisanal miners in the area.

    What impresses geologists about the piles discovery is the fact that the tailings had already been processed two or three times by the local miners, an indication of the presence of a significant amount of gold underground.

    The tailing project started on July 6, this year, and, according to the company's statement, geological engineers have already sampled 13,000 tons of tailings with an average grade of 2.75 grams per metric ton.

    The estimated gold content in the 13,000 tons is 1,030 troy ounces and the company expects to sample another 6,700 tons, which may result in a low cost tailings gold recovery project by the end of 2009.

    In an earlier statement after receiving the first assay results from the piles in July, Dr Newell, an experienced geologist, commented that in his years of searching for gold around the world, Singida is one of the best areas he had seen, and referred to the search as "easy."

    Lake Victoria Mining Company is this week expected to sign a securities exchange agreement with another American company, Kilimanjaro Mining Company, which owns the prospecting licence in Singida.

    The signing of the agreement would make Nevada-based Kilimanjaro Mining, a wholly owned subsidiary of the Colorado-based firm Lake Victoria Mining.

    Commenting in the discovery, Kilimanjaro Mining president Heidi Kalenuik said: "We already have a huge gold footprint in Tanzania, holding nine separate projects, but this new Singida area is by far the richest and most prolific of all the properties I've visited."

    Kilimanjaro Mining, which focuses its exploration in Tanzania, holds a significant number of highly prospective gold and uranium licences, and its acquisition by Lake Victoria Mining gives the American firm a significant stake of the Tanzanian mining sector.

    Lake Victoria Mining Company has already appointed a Tanzanian geologist, Mr Ahmed Magoma, a former employee of the Energy and Minerals ministry, to its board. Mr Magoma is to oversee resource property acquisitions and explorations.

    The discovery was announced at the time when government critics query why a politically stable and mineral-rich country like Tanzania remains extremely poor, unable even to finance its own budget by over 30 percent.

    Tanzania produced 1.75 million troy (about 54.4 tons) ounces of gold in 2007, making it the third largest producer of gold in Africa behind South Africa and Ghana.


    Source:
    The Citizen Newspaper
     
  2. Kwetunikwetu

    Kwetunikwetu JF-Expert Member

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    Hii habari njema kwa Tanganyika.......lakini ikiwa viongozi wetu wataamua/watalazimishwa kusimamia vizuri raslimali hizi
     
  3. MaxShimba

    MaxShimba JF-Expert Member

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    Hizi habari ni kubwa Wakulu. Deposit ya 7.1g kwa M ton sio mchezo. It is a lot of gold.

    Hapa Serikali ihakikishe inakamata tax yote, na kujenga Singida kwanza, thereafter watumia hizi rasilimali kujenga nchi.
     
  4. MaxShimba

    MaxShimba JF-Expert Member

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    Buzwagi Gold Mine hii ni mzungu mtupu ya Unyamwezini.

    Clem Peletier ndio mwenye hii Buzwagi, na wakulu wenzake wote ni watasha. Kaazi kweli kweli.

    Sasa hapa sijui tunafaidika vipi.

    Kitu cha kushangaza, akija mzungu Bongo hata kama ni mzungu njaa, watampa liinchi lizima na biasha kedekede. This has to stop, wakulu.
     
  5. MaxShimba

    MaxShimba JF-Expert Member

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    May 11, 2009

    Buzwagi pours first gold

    [​IMG]

    BARRICK Gold President and CEO Aaron Regent announces Buzwagi’s first gold pour at a meeting in Toronto recently. (Photo by a Correspondent)

    “For any mining company, a new mine entering production is always an exciting time - particularly for the development team”

    Tanzania last week dug deeper into its golden era, after Barrick Gold's new Buzwagi mine in Kahama District, Shinyanga Region, started production. Buzwagi mine is now one of the country's largest mining operations and Barrick Gold, the world's largest mining house, has expressed excitement on its first gold pour.

    "For any mining company, a new mine entering production is always an exciting time - particularly for the development team," said Barrick Gold President and CEO, Aaron Regent.
    Adding that: "The team constructed Buzwagi on time and in line with its budget of about 400 million US dollars (about 538bn/-). They also successfully managed to do this with an outstanding safety record."

    In 2009, Buzwagi is expected to produce approximately 200,000 ounces of gold at total cash costs of $320-$335 per ounce. The Buzwagi project is a catalyst for economic growth, with an initial investment of 500bn/- during its construction phase and over 1.5trillion/- when it becomes operational.

    During construction, Buzwagi provided over 3,000 jobs and will cater for 700 jobs directly and an estimated 2,800 in indirect employment during operation.Barrick Gold spent over 75bn/- on salaries over a two year period during the construction of the mine. It is estimated that Buzwagi will pay over 150bn/- in salaries over the 15 years of operations.

    Proven and probable gold reserves at Buzwagi are 3.3 million ounces as at year-end 2008. Buzwagi is the first of the company's new generation of mines to enter production. Cortez Hills in Nevada is expected to start production in the first quarter of 2010 and Pueblo Viejo in the Dominican Republic is targeted for the fourth quarter of 2011.

    Combined, the three projects represent almost two million ounces of production at lower cash costs than the current portfolio average. Barrick's next project on the horizon is the Pascua-Lama project which lies on the Chile/Argentina border.

    The Buzwagi Gold Mine required a substantial capital investment of approximately US $400 million. Buzwagi is referred to as a marginal mine because while requiring investment of $400 million to access 3.3 million ounces of reserves, a mine like Bulyanhulu required $280 million for over 10 million ounces of reserves.

    Hence, the viability of Buzwagi Project is easily affected by small changes in price or cost.

    Barrick shares are listed on the Toronto and New York stock exchanges.Barrick Gold Tanzania operates three mines in Bulyanhulu in Shinyanga Region, North Mara and Tulawaka in Kagera Region
     
  6. M

    MzalendoHalisi JF-Expert Member

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    1. Hivi kwa nini serikali isiwekeze pesa/mtaji na kuwa na ubia say 50% na say Barick ili faida inayopatikana tugawane nusu kwa nusu? Au wananchi wapewe share wanunue through serikali kama NMB?

    2. Hivi ktk ugunduzi huu..Zanzibar nao watapata sehemu ya faida ya mauzo?
     
  7. MaxShimba

    MaxShimba JF-Expert Member

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    Mkuu hapo ndipo inabidi tutengeneze Tanzania. Zanzibar ni ndani ya Tanzania hivyo basi lazima wafaidike na madhabu.

    Mukulu, Serikali yetu imeshindwa vibaya sana kufanya biashara, hapa wao ni kukamata tax kama nchi za magharibi zinavyo fanya, wathibiti kisawasawa mapato.
     
  8. Mzee Mwanakijiji

    Mzee Mwanakijiji Platinum Member

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    Ni ubatili mtupu na kujilisha upepo!
     
  9. Invisible

    Invisible Admin Staff Member

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    You have a way out to stop it? Can you propose any pls? We're whistle-blowers, that's our baby!
     
  10. Invisible

    Invisible Admin Staff Member

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    State seeks 15pc stake in mining

    By Victor Karega
    The Citizen


    The Government plans to send to parliament in October a bill for a new mining law to provide for 10-15 per cent stake in future mining operations.

    The minister for Energy and Minerals, Mr William Ngeleja said in Dar es Salaam yesterday that the proposed law would hopefully address some of the current shortcomings in the sector and make Tanzania to benefit more from its abundant natural resources.

    "We are currently reviewing the existing mining law in order to come up with new legislation that will give the parties a win-win situation. We are not doing this to discourage investors," he told reporters.

    The mining sector accounted for 52 per cent of the East African country's $4.61 billion (Sh6.1 trillion) exports last year. Tanzania is Africa's third largest producer of gold but also has diamonds, nickel and vast deposits of uranium.

    Mr Ngeleja said this shortly after opening a three-day East Africa Power Industry Convention (EAPIC), noting that the government expected the new instruments would address some of shortcomings in the mining sector and make the country benefit more from its natural resources.

    "The changes that are going to be introduced will not so much affect the existing investments. For instance, we have agreed if there's a weakness in the royalties that they are paying now, we will make some improvements," he said.

    He noted that the proposed law aims at ensuring that resources are exploited in an equitable manner and that revenue was accounted for in a transparent manner.

    The proposed legislation has been prepared specifically to answer critics that the country could benefit more from the lucrative sector.

    It also corresponds to other legal and fiscal regimes applicable to mining in other African countries.

    Apart from ownership rules, the Government also will set out new rates for royalties, which currently stand at three per cent for gold and other minerals and five per cent for gemstones, particularly diamonds. However, the law would still protect investor interests, he said and explained:

    "Today (the) mining sector is the second largest foreign exchange earner in the country. There are in place the 1997 mining policy and the 1998 mining law, which despite certain weaknesses, are attractive to investors," he said.

    The law also seeks to restrict provision of services to mines to local companies instead of foreign ones, he said.

    He challenged the meeting to chart out ways to build institutional capacity for natural resource governance and to empower locals with the capacity to provide support services and strengthen information systems.

    Mr Ngeleja noted that it is better for mining to become a powerful weapon in the war against poverty since it has emerged as one of the most critical pillars of the efforts to bring about economic development.

    Speaking on large scale mines close to local communities, he said they have become a catalyst for improving rural life by upgrading infrastructure including water, education, power, health services as well as the provision of guidance and support to local economic diversification initiatives.

    He explained that the macroeconomic and structural reforms of the mid 1980s, have paved the way to the creation of one of the most competitive mineral policies, legal, administrative and incentive profiles in the world thought to be conducive enough to foreign investment.

    "In the next three years, hopefully, Tanzania will start mining uranium," Ngeleja told the EAPIC.

    Tanzania is worried the global economic slump will hurt its mining sector, especially due to falling prices of diamonds and tanzanite, a gemstone found only in Tanzania. However, the prevailing high gold prices should help cushion the impact, Ngeleja said.

    "Since we have many gold mines, we see it as a leverage point. Although the impact of the economic crisis is global, the improvement of gold prices will help mitigate the effect," he said.

    Tanzania exported 31.9 tonnes of the precious metal in 2008, down from 37.4 tonnes the year before, recording a decrease of 14.7 per cent, according to the Bank of Tanzania.
     
  11. K

    Kituko JF-Expert Member

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    hayahaya Watanzania, tayari tumeshapata mtaji mwingine wa kuijenga Marekani, sasa ni zamu ya Ngereja kutuuza na sisi kama kawaida yetu kupiga kelele kwenye vyombo vya habari na humu JF
     
  12. Ndahani

    Ndahani JF-Expert Member

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    We acha tu hili shamba la bibi tunalivuna kweli.Hii si habari njema
     
  13. MaxShimba

    MaxShimba JF-Expert Member

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    Mkuu Invisible:

    Please be informed that unasikika, usifikiri filimbi yako inaishia hewani, la hasha, the message is getting there. Loud and clear.

    Tatizo kubwa ni Uafrika, I will give you a simple example, Watu weusi wanajihisi wapo chini kimawazo, kielimu na hata kiungozi wanapokutana na mtu mweupe. We may not like it, but, that is how it is almost everywhere blacks are. It is shame the same inferiority complex imewashika Marais karibia wote wa Afrika, believe me. Two year a go, I sent a friend of mine in TZ, he is white and working for me, believe me, what he got in TZ kama ningekuja mwenyewe, nisinge pata hata theluthi moja, this boy don't even have a degree, lakini kwasababu ni MZUNGU na kavaa suti basi akapewa vyote nilivyo hitaji, mpaka mawaziri fulani wammempa dili. Hili ndilo tatizo linalo sumbua sisi Waafrika. MZUNGU. MZUNGU. MZUNGU ANALIJUA HILO.

    Ukiangalia kuhusu Richmond, hiyo afisi pale TX ilikuwa haina chochote zaidi ya kuwa nyumbani kwa mtu, ofisi mkononi. Lakini kwasababu imetoka kwa wazungu, basi waheshimiwa wakaanguka mkono na kuwapa ulaji. Hao Richmond hawana uzoefu wowote wa biashara hiyo. ZERO EXPERIENCE. Hata kale ka website kao, kalitengenezwa India haraka haraka, what a shame. Watanzania, wakafurahi eti wamepata msaada wa kutatua matatizo yao ya umeme. Inauma sana. Huku wakulu wa Richmond wanaangali ni kiasi gani wamelamba.

    Hivyobasi, the only way ni kupata viongozi wanao juwa kuwa wapo at par na hao wazungu, na kwamba when they say yes they mean yes and no means no. Period.

    Lakini, kwa umaskini wa akili tulio nao Waafrika, itachukua karne nyingi sana kutoka huu ukoloni na utumwa wa akili ambao bado ni tatizo kwa Waafrika wengi na afrika nzima.

    Vyama vingi vya siasa, to my view, bado havita fanya na/au leta lolote jipya, kwani hao woooote walikuwa hukooo CCM. Kenya wamejaribu, lakini hakuna jipya zaidi ya kukuza chuki katika wananchi. Zambia, wakati wa Chiluba, nchi ikawa mbaya zaidi, etc etc etc.

    Bob Marley said katika wimbo wake mmoja kuwa '"emencipate your self from mental slavery, non but of our self can free our mind" It was just a song, but to me, it is more psycological and there is a truth in it.

    Once we emencipate our self from paranoia of white people, we will be free indeed and build Africa.
     
  14. M

    MzalendoHalisi JF-Expert Member

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    Je tukodi Wachina au Wazungu wawe viongozi (mf. hata Raisi) ili tuwe na discipline kwa say miaka 20 then watuachie???
     
  15. A

    AmaniGK JF-Expert Member

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    Mamaaa tunaibiwa tena jamani!!! Hivi kuna jinsi ya kufanya tuiuze Tanzania kila mtu agaiwe chake halafu tuone?
     
  16. MaxShimba

    MaxShimba JF-Expert Member

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    By doing so, we will continue the same fear of them. Angalia Taiwan, miaka ya sabini, nchi ile ilikuwa hakuna tofauti na Tanzania ya Nyerere ya miaka ya sabini.

    Lakini, wale jamaa walifunguka macho na kujenga nchi yao, sasa mzungu anawaheshimu, na si tegemezi tena bali Wazungu ndio wanao tegemea product kutoka kwao. Made in Tawain. Kazi zimebakia Taiwan, viwanda vimejengwa Taiwan, Wajenzi ni Wataiwan, etc etc etc, which is contary to TZ ambayo inaamini mzungu zaidi ya Mtanzania mwenyewe. Mchina walisema ni mjamaa, na wakadai kuwa ujamaa ni umaskini, cha ajabu huyo mjamaa wa Kichina analisha USA yote, ukiangalia statistics ya maduka ya vyakula USA, utagundua kuwa Chinize food Kitchen stores zipo mara tatu zaidi ya jumla ya MIKI D, Baga King and KFC. Sasa hivi hata Home Dep wana mbao kutoka Uchina. lol.

    Wachina hawa walio jenga URAFIKI NA RELI YA TAZARA, hivi kweli hatuwajui? Si hawa ndio walio kuwa wanakula nyoka mpaka wakafa kwasababu walifikiri kila nyoka wa Tanzania analiwa?

    Hawa Wachina walichukuwa kiasi gani mali TZ? Hawa Wachina walichukuwa makontena kibao ya udongo kutoka TZ na kuyapeleka kwao, eti wakidai kuwa wanachunguza udongo? Udongo gani huo unachunguzwa kwa makontena ya kujaza meli zaidi ya thelasini(30)? Ni kiasi gani cha madini kilichotwa hapo, na Nyerere kukaa kimya? Same fear, ilikuwa kwa Baba wa Taifa na sasa ipo kwa wakulu wetu ikifanya kazi ileile.

     
  17. MaxShimba

    MaxShimba JF-Expert Member

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    May be we should incorporate the country. I don't know! Some part of USA sasa wameshaanza kuincorporate, na hazipo chini tena ya state na/au city. It may work in TZ ingawa walala hoi watageuzwa watumwa kwenye ardhi waliyo kuwa wakidhania ni yao.
     
  18. Companero

    Companero Platinum Member

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    Hakika hii ni laana ya rasilimali (resource curse)!
     
  19. A

    Amwanga JF-Expert Member

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    Naogopa kucheka kwani inasikitisha kuwa wa TZ tunauzwa na Wa TZ wenzetu. Tulete mabadiliko ya viwanda, offcourse it need money to establish reserves but let we be serious tuache kupiga makelele, wasomi tufanyeni kaziiiiii
     
  20. A

    Amwanga JF-Expert Member

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    Nakufagilia mwana, nipe tano halafu turudi nyumbani tukafanye kazi basi. Keep it up man
     
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