Tanzania cancels mining project
Published Mon, May 14th 2018 at 00:00, Updated May 13th 2018 at 16:55 GMT +3
Tanzania has revoked a retention licence for an undeveloped nickel project jointly owned by Barrick Gold Corp and London-listed miner Glencore Plc as part of enforcement of a new mining regime.
The licence for the Kabanga nickel project in northwestern Tanzania was among 11 retention licences cancelled by the government under the Mining (Mineral Rights) Regulations of 2018, which were approved in January.
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A retention licence is granted to holders of a prospecting licence after they identify a mineral deposit in a prospecting area that is potentially of commercial significance but cannot be immediately developed due to technical constraints, adverse market conditions or other economic factors.
“The Mining Commission would like to inform all owners of retention licences that the licences have been cancelled,” commissions chairman Idris Kikula said in a statement.
Barrick Gold Corp and Glencore Plc, which own the 50-50 joint venture project, were not immediately available for comment.
Their licence was due to expire in May 2019. Other retention licences cancelled target other nickel, gold, silver, copper and rare earth exploration companies.
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