Decided to wait & seeI was doing my DD today on this company and found it exciting, what made me pull the break was this nasty article, I managed to avoid Bolivia and will be very careful with Tanzania. You might not like the content, but it might save you some serious money, still sorry:
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Govt serious on reviewing mining contracts -minister
2006-05-09 09:02:46
By Angel Navuri
The government said yesterday it will not enter into new contracts in mining until a thorough investigation of existing ones is done.
The move, comes a few months after President Jakaya Kikwete’s maiden speech in Parliament, where among other things, he called for a review of existing mining contracts to determine if they are beneficial to the nation.
Speaking in Dar es Salaam yesterday at a workshop on Management of Geological Surveys, Deputy Minister for Energy and Minerals, Lawrence Masha said the government has appointed a taskforce that will investigate how the mining contracts were entered.
The minister, said the new government has embarked on serious programmes to boost the geological data in the country for increased investment and industrialisation.
He added that most countries have institutions that are responsible for generating geological data that are crucial for development and exploitation of mineral resources.
’A huge section of our country is still unexplored and the data collected are scanty. Leaving the responsibility of data generation to the private sector is dangerous as it may not provide the type of information the government needs to make informed decisions,’ Masha said.
The minister said a strong and well-managed geological institution is therefore needed to collect data for investment purposes.
’Our country is endowed with vast natural resources which, if exploited, can bring about rapid developments. However, a dearth of geological data may hinder investment efforts and hold back economic development.’ Masha added.
SOURCE: Guardian