It s a very clear expression of the long-term mutual commitment...

It s a very clear expression of the long-term mutual commitment between our company and the Tanzanian government and people. The bane of mining in the developing world by external investors has historically been the destructive failure of the hosted companies to trickle-down the full benefits of mining to the hosting nation. Often the financial deals have been lousy too, but even when governments have negotiated high royalty, taxation, licensing and export duty payments, they have typically missed out on all the less quantifiable flow-ons, such as long-term infrastructure improvements, improved education prospects for population, increased direct engagement with the global corporate and investment community, expanding national industry, research and scientific communities, IT property rights and so on. It's the oldest story in the First World playbook, sadly: fly in, strip out the raw material, make a bundle, lob a bit of cash at the locals, then bugger off.

What this arrangement does is confirm the authentic, long-term partnership evolving out of the Nachu project. This SEZ License safeguards the retention of process & RD value-adding in-country, cementing a mutually beneficial relationship that ought to obtain and grow for decades, and serve to place Tanzania (and MNS) at the leading edge of the global energy paradigm shift that is coming.

Announced with minimum fuss, little hype, little chest-beating. Just another methodical de-risking step, from a management that continues to keep its eyes on the main game. Nods all round as usual.