If ever you read announcements by the company you supposedly hold you wouldn’t have asked a question that has already been addressed in an announcement. See 24.8.2017:
UTZ has been formally notified as holder of a SML that listing of 30% of UTZ on the Dar es Salaam Stock Exchange (DSE) is required in accordance with the provisions of the Capital Market and Securities Act; to meet the requirements of the Mining (Minimum Shareholding and Public Offering) Regulations, 2016 as amended in 2017. The Company have been informed that the requirement to list 30% of shares in UTZ (UTZ only) in a period of 6-12 months.
Although UTZ will exhaust all avenues to a successful listing it is apparent, through initial legal and expert references, UTZ may not meet the requirements of listing on the DSE and so shall work towards a point in which this can be confirmed and the trigger point for obtaining a waiver from listing from the Minister of the Ministry of Energy and Minerals of Tanzania.
Given the time frame announced above for due process, it seems a waiver could be close at hand. Otherwise the 30% is for listing of Uranex, not Magnis; very different entities.
Essentially UTZ digs ore for very little profit and us unlikely to be attractive to potential investors as an IPO on the Dar es Salaam exchange.
As for your suggestion of not being able to extract, well, you have missed the entire point of the conversation. Again, Magnis has an SML and in suppporting the Tanz gov, would have no problem with the new legislation.
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