RE: RE: canaco dosent care about small shareholderNo one, not a single person could read my message of yesterday?
Well, I am tired of spoon feeding and assuring people.
How about this one that is easy (I hope) to read?
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By DAILY NEWS Reporter, 29th March 2011
TANZANIA remains competitive to mining investors despite risks associated with law and order, energy and infrastructure, the country’s largest gold producer has said.
African Barrick Gold (ABG), which has so far invested two billion US dollars in four mines and two advanced exploration projects in Mara, Shinyanga and Kagera regions, says it looks forward to expanded operations in the country.
The ABG Chief Executive Officer, Mr Greg Hawkins told editors in Dar es Salaam on Tuesday that the cost of production in gold mining in Tanzania was within the world average and well below that of other African countries. Tanzania is the fourth largest gold producer in Africa after South Africa, Ghana and Mali.
ABG produced 701,000 ounces last year. Mr Hawkins, who had a meeting with President Kikwete at State House yesterday, said his group, which runs the North Mara, Bulyanhulu, Buzwagi and Tulawaka mines, said they anticipated a bright future as long as the current legal framework was maintained and power supply to the mines guaranteed. He was accompanied by ABG Vice-President (Corporate Affairs), Mr Deo Mwanyika.
“There are challenges, such as law and order at North Mara and Tulawaka, reliability of power supply and transport infrastructure, but overall we are comfortable and optimistic about the future. ABG’s net profit rose 237 per cent last year to 222.6 million US dollars (over 330bn/-) from 66 million dollars in the previous year.
The group, whose mines have an estimated combined reserve of 16.8 million ounces of gold, paid the government 31.3 million dollars (about 47bn/-) in royalty and 44.4 million dollars (over 66bn/-) in direct taxes during the year, but Mr Hawkins said they were yet to start paying corporate tax.