Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Quote  |  Bullboard  |  News  |  Opinion  |  Profile  |  Peers  |  Filings  |  Financials  |  Options  |  Price History  |  Ratios  |  Ownership  |  Insiders  |  Valuation

Ruby Creek Resources Inc RBYC

Ruby Creek Resources Inc. is engaged in developing a gold property. The Company's project includes the Gold Plateau Project. The Gold Plateau Project consists of property, which has artisanal gold mining activities. The Gold Plateau Project is located in southern Tanzania approximately 150 kilometers north of the Mozambique border. The Gold Plateau Project consists of around 15 properties of prospective gold mineralized territory. The Company has mining and processing equipment onsite and additional processing equipment. The Gold Plateau Project is situated at the eastern margin of the Selous Basin where the Karoo and young sedimentary rock are in fault contact with low to high-grade metamorphosed rocks of Neoproterozoic age belonging to the Mozambique Belt.


GREY:RBYC - Post by User

Comment by mermooon Sep 16, 2011 12:59pm
160 Views
Post# 19050745

RE: "The minister is unavailable"

RE: "The minister is unavailable"Actually this is not a surprise nor should it be unexpected by those who look into Tanzania's socioeconomic and political situation.  For many years they have struggled in the Ministry of Energy and Mining because of the issues that both sectors have.  The  minister William Ngeleja and Tanesco Chief William Mhando (William Mhando is in charge of Tanzanian Electric Supply Company (TANESCO)) have been battling with many problems that resulted in the Parliament of Tanzania throwing out their budget.  Beginning in August they were working to establish a new budget and I believe there is still a case being made to split up the ministry.  
A side problem that may come from this is an increase in the countries tax on gold production as the current amount that gold production contributes the the nations GDP has decreased from 2.5% to 2.4%.  There has been a few plans put forward including a suggestion from the IMF to increase the tax on mining.  They are also exploring eliminating tax exemptions on such things as importing of gas to the mine sites.
So what I am trying to say is the minister is undoubted very busy.  I suspect the approval will come soon but it may be followed by a marginal increase in taxes as any developing country that sells its resources must make sure to get a fair amount to offset the time when those resources are no longer available or in demand.
Ruby will be just fine.  Getting production going will definitely calm your worries.
<< Previous
Bullboard Posts
Next >>

USER FEEDBACK SURVEY ×

Be the voice that helps shape the content on site!

At Stockhouse, we’re committed to delivering content that matters to you. Your insights are key in shaping our strategy. Take a few minutes to share your feedback and help influence what you see on our site!

The Market Online in partnership with Stockhouse