US firm acquires copper concession


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US firm acquires copper concession
By MIKE MANDE
The EastAfrican

A United States firm, the Pan African Management and Development Company Inc., (Panafra) has acquired options to two copper concessions in Tanzania covering an area of approximately 350 square kilometres.

The company said preliminary mineral testing showed the presence of copper, iron and other minor constituents.

John Tate, chairman of Panafra, told The EastAfrican from Delaware in the United States that field work and continued sampling are going on and a preliminary reserve estimate is expected to be completed in the first quarter of this year.

Mr Tate said that negotiations are also underway to obtain additional copper concessions.

“Tanzania has an abundance of mineral wealth. The mining sector is growing and new discoveries seem to make headlines each day,” he said.

According to Mr Tate, preliminary indications for the Panafra concessions are encouraging and the company expects to announce positive results from ongoing sampling in the near future.

Each successive round of sampling and analysis so far conducted is proving that copper concessions represent a viable opportunity for Panafra as the company expands its operations in Tanzania.

Panafra is a management and development company that works with emerging enterprises in Africa by providing financial, managerial, and market entry support.

The company works with the international investing community and local businesses to identify, develop and monitor appropriate investment structures that will help increase economic reach and development in Africa while meeting investor expectations.
 

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