jmushi1
Platinum Member
- Nov 2, 2007
- 24,989
- 22,521
The Meremeta Gold Company
The Governor is the custodian of this ill conceived mining project. He guaranteed this project from the Government for USD 100 million in 1999.
Anna Muganda was a major shareholder and partner who brought in Time Mining to manage and operate the Meremeta Mines on behalf of the Government of Tanzania. She went on to become the wife of Balali in 2004.
The Meremeta Mines was a classic example of Daudi Balali giving Guarantees to companies in which he had an interest, the company thereafter filed bankruptcy and the Bank of Tanzania paid the funds against the Guarantee. Noting the strategic importance of having its own Gold Mine, Bank of Tanzania invested heavily into this mine while the South African partners raised the money andsoldtheir shares after utilizing the funds in the first year of operation.
The Governor, after supporting the loss making operation for 7 years, sold the mining rights to Rand Gold, making the Government mine
unsustainable.
The loss to Government of Tanzania is USD 132 million paid to the lenders against the Guarantee from BOT with interest and penalties.
The Governor made payments in October 2005 before the end of Third Phase Government.
He sold the mining rights to RAND Gold for below market prices causing a further loss of USD 100 million. Total loss to Government of USD 232 million
__________________
We Study More About Less and Less Until we learn something about NOTHING.
__________________
We Study More About Less and Less Until we learn something about NOTHING
The Governor is the custodian of this ill conceived mining project. He guaranteed this project from the Government for USD 100 million in 1999.
Anna Muganda was a major shareholder and partner who brought in Time Mining to manage and operate the Meremeta Mines on behalf of the Government of Tanzania. She went on to become the wife of Balali in 2004.
The Meremeta Mines was a classic example of Daudi Balali giving Guarantees to companies in which he had an interest, the company thereafter filed bankruptcy and the Bank of Tanzania paid the funds against the Guarantee. Noting the strategic importance of having its own Gold Mine, Bank of Tanzania invested heavily into this mine while the South African partners raised the money andsoldtheir shares after utilizing the funds in the first year of operation.
The Governor, after supporting the loss making operation for 7 years, sold the mining rights to Rand Gold, making the Government mine
unsustainable.
The loss to Government of Tanzania is USD 132 million paid to the lenders against the Guarantee from BOT with interest and penalties.
The Governor made payments in October 2005 before the end of Third Phase Government.
He sold the mining rights to RAND Gold for below market prices causing a further loss of USD 100 million. Total loss to Government of USD 232 million
__________________
We Study More About Less and Less Until we learn something about NOTHING.
__________________
We Study More About Less and Less Until we learn something about NOTHING
