The following article gives an insight into the 3 men behind sky associates. Quite a positive read apologies if it's been posted previously
ARUSHA, Tanzania — Ownership of Tanzanite One Limited, the giant mining company in northern Tanzania, has been taken over by locals.
The Arusha-based businessman Hussein Gonga, and his partner, Faisal Shahbhat, have now acquired the 50% stake previously owned by Richland Resources Limited of UK, which used to run the mining firm in a joint venture with the State Mining Company (STAMICO).
The TML, formerly known as African Gemstone (AFGEM) and Mirerani Mining Limited (MML), was a consortium entrusted by State Mining Company (STAMICO) which is a government institution and Tanzanite One Limited (a company owned by Richland Resources then) to run the mining areas in Mererani Hills of Simanjiro District.
Richland Resources (UK) Limited through its CEO Benard Olivier recently announced its move to sell off its Tanzanite-One Mining Limited shares to Sky Associated Group Limited, a firm owned by Mr. Gonga, Mr. Shahbhat and a third partner identified as Ridhiwan Ullah.
Hussein Gonga, also owns three other mining firms; Capricorn Minerals, Prima Gemstones (T) Limited, Hugo Gems as well as Hugo Investments and has shares in the Sky Associated Group.
His partner, Mr Faisal Shahbhat is the owner of Maruti Green Gems and Tanzanite Forever (Limited) and has a ten-year track record as a leading mineral exporter.
It is said that the two Tanzanians have struck partnership with Ridhiwan Ulla, an Asian, who is said to own the International Gemstone Dealers Africa and Success Gems Limited of Hong-Kong and has been working with the Zambian government in a number of mineral undertakings.
Sky Associate Group Limited has thus inherited all assets, stock and liabilities estimated at Tsh32 billion (about $18 million) from Richland Resources and already the new company has started settling TML debts.
Following a comprehensive review of the strategic options available, Richland Resources (UK), the gemstone producer and developer, through Broker RFC Ambrian, recently jettisoned its tanzanite mining and exploration in Mirerani and cutting and beneficiation operations in Arusha city as well as its licence interests in Tanzania to focus on its Australian assets.
On its discovery in 1967, Tanzanite was enthusiastically celebrated by the specialists as the ‘gemstone of the 20th century’. It is mostly found in the Merelani Hills near Arusha in the north of Tanzania. Millions of years ago, metamorphic schists, gneisses and quartzites formed impressive, flat-topped inselbergs on a vast plain in the shadow of Kilimanjaro.
By Elisha Mayallah, Monday, December 22nd, 2014
KNL Price at posting:
15.5¢ Sentiment: Buy Disclosure: Held
apologies if it's been posted previously
