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James E. Sinclair,
Chairman & CEO,
Tanzanian Royalty Exploration Corporation |
| | April 29, 2010
New Mining Bill in Tanzania Misunderstood by Media
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| | Dear Jim:
As I read the wire services and the Mining Journal report on the new Tanzanian Mining Bill they speak of a government participation in new mines. How does that impact us?
Sincerely,
Arlen S.
Dear Arlen:
The reporters have clearly not read the bill in full.That government participation applies to "Special Mining Licenses" and NOT to "Mining Licenses."
Mining Licenses are also known as "GMLs," a General Mining License. As it applies to TRE/TNX projects including Kigosi,Ushirombo, Lunguya and Kibara - which we presently intend to make every effort to develop on our account - there is no impact as we are exempted (grandfathered) by the bill.
Our Chinese and Kazhak partners operate in countries with even stricter, less competitive rules and in some cases less viable governments.
Respectfully,
Jim |
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