HomeEast AfricaTanzania government eager to restore investor confidence

Tanzania government eager to restore investor confidence

This is according to ASX-listed rare earths junior Peak Resources and its CEO Rocky Smith who recently met with the Tanzania government to discuss the company’s Ngualla rare earths project.

“There is clear recognition by officials of the uncertainty that the announcement of the legislative changes created, and they are working pro-actively to demonstrate that Tanzania is still an attractive investment destination and open for business,” Smith says.

Smith also notes that Special Mining Licence (SML) applications will be given priority by the Mining Commission. The Ministry confirmed that Peak Resources’ SML application is one of only three current applications.

“We are extremely encouraged by our ongoing interactions with the Tanzanian government.”

Since the changes to the mining legislation in Tanzania in July this year Peak’s senior executives have spent considerable time in Tanzania continuing to develop the excellent relationship the company enjoys with the government and other stakeholders.

“The Mining Commission will assess project requirements on their own merits on a case by case basis. Early indications from the Ministry are that they understand that the export of the rare earth concentrate to Teesside is a practical requirement for the viability of the Ngualla project. Membership of the new Commission is expected to be announced by the end of the year.”

“These reassurances provide me with confidence that we can look forward to seeing some substantive progress on Ngualla’s final project development permitting in early 2018.”