Mining Licences - MSN, page-6

I thought by now surely a holder would have answered the questions posed however it seems no one is willing to put in a half an hour quick read and are only interested in blindly following the wise words of some of your fellow posters with their comforting words such as 'it will take 1 week to receive the mining license'; lol.

Attached is a link of the Tanzanian mining act: https://mem.go.tz/wp-content/uploads/2014/02/0013_11032013_Mining_Act_2010.pdf

Basically, because the capital expenditure of the project is in excess of 100 million USD Magnis will be required to apply for a 'special mining license'. This means the following per the act:

section 109: "The Minister shall, in consultation with holders of special mining licence, make regulations prescribing the minimum shareholding requirement and procedure for selling shares to the Tanzania nationals, in accordance with the provisions of the Capital Market and Securities Act, offering shares to the public through listing with **promotion blocked**."

section 10: (1) "The Minister may, on behalf of the United Republic and subject to subsection (3), enter into a development agreement, not inconsistent with this Act, with the holder of, or an applicant for, a mineral rights for which he is the licensing authority relating to the grant of such a mineral right or mineral rights, the conduct of mining operations under a special mining licence the grant of the Government free carried interest and State participation in mining, and the financing of any mining operations under a special mining licence."

This section is quite lengthy stipulating that the government will enter into a development agreement with the holder of a special mining license of which they will receive a 'free carried interest'; I am sure I do not need to explain what a free carried interest refers to.

I am not sure if anyone recently has received such a mining license from the Tanzanian government and therefore I am not sure what percentage stake the government will be after. For someone to state the company will receive a mining license within a week of applying with the nature of the Tanzanian special mining license application procedure is actually beyond belief and I would therefore strongly caution other posters / readers of this forum to do your own research and never rely on some of the garbage posted here.

Cheers