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Tanzania

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    21/08/21
    13:12
    Post #: 55465508

    Australia mineral sand investor excited by Samia’s free market policy


    August 20, 2021

    20Aug 2021

    By Guardian Reporter

    Dar es Salaam

    The Guardian

    Australia mineral sand investor excited by Samia’s free market policy

    AN Australian company which is investing in mineral sand mining projects in Coast, Dar es Salaam and Tanga regions has expressed optimism that its project will move ahead thanks to President Samia Suluhu Hassan’s promise to open up the country to foreign investors.

    An illustration of Fungoni mineral sand mine.

    In its half year report, Strandline Resources Limited which is investing in Bagamoyo, Fungoni in Dar es Salaam and Tajiri in Tanga, said President Samia’s coronation in March and her policy speech in April has revived investors’ hopes and aspirations.

    “This includes the recent approval by Tanzanian cabinet of ministers of long-awaited special mining licences (SML), which bodes well for progressing the current Tajiri project approval process,” the report said adding that the Fungoni mining licence and environmental certificate have already been secured.

    Strandline’s half year report further added that in her speech on April 5, 2021, the president announced a plan to appoint a panel of experts to advise the government on a science-based approach to curb the spread of the coronavirus.

    She also ordered her newly appointed Foreign Affairs minister to establish and promote relations with foreign countries while also asking for a review of regulations and taxes related to foreign investment while urging them to work hard to regain the trust of international investors.

    “Through engagement with the Tanzanian Government, it is evident that the government and Strandline have a shared vision to achieve long-term prosperity for Tanzania and investors, by supporting development of the Tanzanian mining industry to achieve significant and sustained growth,” the report added.

    During the quarter, the report revealed that Strandline continued to progress its strategy to unlock the immense value in its portfolio of mineral sands assets in the country, including the high-margin Fungoni project and the emerging Tajiri project.

    “The company made positive and continued progress towards finalising a framework agreement with the Government of the Republic of Tanzania,” the report stated while adding that the agreement will pave the way for the company to advance its portfolio of high-quality mineral sands assets in the country.

    Commenting on the report, Strandline Managing Director, Luke Graham said it was a game-changing three months for the company. “Strandline has made the transition to an emerging mineral sands producer with a world-scale project in a tier-one jurisdiction,” Graham said.

    “Our forecast revenue is fully-underwritten by binding sales contracts and we are perfectly placed to capitalise on increasing demand and falling supply of zircon and titanium minerals following years of under-investment in the sector,” he noted while adding that construction is ramping up in line with the company’s plan hence on track for production late next year



    https://hotcopper.com.au/data/attachments/3494/3494800-a0f1fa0f64057a8589d93817a37e0461.jpg


    STA Price at posting: 19.0¢ Sentiment: None Disclosure: Held
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