STATE MINING CORPORATION
On 4th February, 2016, STAMICO received a written notice of Force Majeure from Tanzania American International Development Corporation (2000) Limited (TANZAM) suspending mining operation at Buckreef Gold Mine located in Geita region.
TANZAM notice claims ‘’forceful occupation by several hundred illegal miners on the mining property including the South Pit and other areas within the Buckreef site thereby endangering TANZAM employees.’’ TANZAM is our joint venture partner and an operator in the re-development of Buckreef Gold Mine following signing of the joint venture agreement in 25th October, 2011.
We are deeply concerned by the decision of TANZAM to suspend mining operations at Buckreef due to the fact that neither STAMICO nor the Buckreef Board of Directors have ever received a formal complaint regarding such events before issuing the Force Majeure notice.
In recent times, STAMICO has been urging TANZAM to pay delay penalties that remain due to their failure as an operator to commission the project within the timeline stipulated under the JV Agreement. TANZAM was to commission production by the end of 30th month following effective date of signing the JV agreement with STAMICO on 25th October 2011. The 30th month expired on 21st May, 2014 and by that time the operator had not yet commissioned the mining and plant operations. Though todate, some mining activities have taken place, yet the work progress is not satsifactory.
STAMICO believe that the matter will be resolved amicably by exploring all available possibilities for the interest of both parties. STAMICO remain firmly committed to work closely with Tanzam in developing the mine for the mutual benefit and the benefit of the entire Tanzania populace.
For Further details contact:
Acting Managing Director,
State Mining Corporation,
Plot No 417/418,
UN Road,
P.O. Box 4958,
Dar es Salaam,
Tanzania.
Website: www.stamico.co.tz
Email: Info@stamico.co.tz
Telephone: +255-22-2150029.
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