The chairman of Jinchuan Group, Yang Zhiqiang, has said that his company may list its cobalt units on the Shanghai bourse. However, Mr Yang ruled out listing his company’s nickel assets. Jinchuan is Asia’s largest nickel producer.
“We may finish preparatory work within the year”, he said, adding that the company is looking for underwriters.
The company plans to start nickel exploration in Tanzania in the first half of this year and will invest with Canadian company,Tanzanian Royalty Exploration Corp., to develop nickel assets in the north west of the country.
Mr Yang denied reports that Jinchuan will build a nickel/copper project in China’s Guangxi province.
Showing posts with label Tanzania. Show all posts
Showing posts with label Tanzania. Show all posts
Sunday, March 7, 2010
Thursday, July 30, 2009
48 Firms Eying Tanzania Coal Deposits
Tanzania said on Wednesday that 48 foreign and local firms were interested in developing coal and iron ore deposits in the southern part of the country.
The east African nation has proven coal deposits of 125.3 million tonnes in Mchuchuma in south west Tanzania near its border with Malawi and Mozambique.
It also has a proven iron ore deposit of 45 million tonnes in Liganga in the centre of the country.
"In our search for investors for the Mchuchuma coal project and the Liganga iron ore project, 48 investors have shown interest, and talks are ongoing to determine the best ones," Trade Minister Mary Nagu said in a ministerial presentation.
Interested firms include India's Tata Steel Company, Rio Tinto, BHP Billiton, China CAMC Engineering, Nava Bharat Singapore and Western Metals of Australia.
The state-run National Development Corporation said the Mchuchuma project would entail building a 400 MW power plant and about 200 km of high voltage power lines.
The whole project is estimated to cost about $660 million. The Liganga iron ore project is still at the feasibility study stage.
Tanzania already has significant investments in its mining sector, largely in gold, but is increasingly attracting interest in minerals like iron, uranium and nickel.
Source: Reuters
The east African nation has proven coal deposits of 125.3 million tonnes in Mchuchuma in south west Tanzania near its border with Malawi and Mozambique.
It also has a proven iron ore deposit of 45 million tonnes in Liganga in the centre of the country.
"In our search for investors for the Mchuchuma coal project and the Liganga iron ore project, 48 investors have shown interest, and talks are ongoing to determine the best ones," Trade Minister Mary Nagu said in a ministerial presentation.
Interested firms include India's Tata Steel Company, Rio Tinto, BHP Billiton, China CAMC Engineering, Nava Bharat Singapore and Western Metals of Australia.
The state-run National Development Corporation said the Mchuchuma project would entail building a 400 MW power plant and about 200 km of high voltage power lines.
The whole project is estimated to cost about $660 million. The Liganga iron ore project is still at the feasibility study stage.
Tanzania already has significant investments in its mining sector, largely in gold, but is increasingly attracting interest in minerals like iron, uranium and nickel.
Source: Reuters
Wednesday, February 25, 2009
Atomic Resources Secures Tanzanian Coal Concession
Coal and uranium exploration company Atomic Resources has secured the concession rights to two new exploration locks covering the northern extension of the Ngaka coalfield in western Tanzania.
Atomic MD, David Holden said “The new concessions double the size of the exploration territory in the Ngaka coalfield, increasing the resource potential for Atomic, and giving Atomic a dominant position in the Tanzanian coal industry.” He added that the new concessions strengthened the company’s position in Tanzania’s coal industry, as well as its relationship with its joint-venture partner, the National Development Corporation of Tanzania.
The Tanzanian government recently announced its intention to build a number of new 400 MW thermal coal power stations by 2011, which would form the basis of the nation’s domestic power supply.
“Tanzania is growing rapidly and requires substantial, cheap, and reliable sources of energy to fuel its economic development. Atomic’s substantial thermal coal fields in western Tanzania are ideally situated to provide feedstock for coal-fired power stations, already being planned for Tanzania, and we are at the forefront of this fast-growing new industry,” said Holden.
Source: Mining Weekly
Atomic MD, David Holden said “The new concessions double the size of the exploration territory in the Ngaka coalfield, increasing the resource potential for Atomic, and giving Atomic a dominant position in the Tanzanian coal industry.” He added that the new concessions strengthened the company’s position in Tanzania’s coal industry, as well as its relationship with its joint-venture partner, the National Development Corporation of Tanzania.
The Tanzanian government recently announced its intention to build a number of new 400 MW thermal coal power stations by 2011, which would form the basis of the nation’s domestic power supply.
“Tanzania is growing rapidly and requires substantial, cheap, and reliable sources of energy to fuel its economic development. Atomic’s substantial thermal coal fields in western Tanzania are ideally situated to provide feedstock for coal-fired power stations, already being planned for Tanzania, and we are at the forefront of this fast-growing new industry,” said Holden.
Source: Mining Weekly
Saturday, January 17, 2009
Tanzania Coal, Iron Ore Project Mired In Controversy
A report for the government of Tanzania on a major coal and iron ore project at Mchuchuma in the south of the country claims the country is being denied access to a vast source of energy and mineral deposits with the potential to give the national economy a much-needed boost.
The project has stalled for several years now as allegations of "dubious dealings" by a local investor company and high-level corruption continue to linger.
The Mchuchuma coal fields hold in excess of 535 million tonnes of coal suitable for steel manufacturing and power generation purposes, of which at least 159 million tonnes are a proven resource considered commercially-viable for extraction.
Tanzania has been plagued by reduced production at its major hydro-electricity utilities and sources close to the project suggest that Mchuchuma could have solved thatproblem and even created a surplus of electricity for export
A planned coal-to-electricity project at Mchuchuma is geared to initially generate up to 400 megawatts of electricity while the nearby Liganga iron ore range is believed to hold deposits of at least 30 million tonnes of ore body, in an inferred resource of almost 1,200 million tonnes.
Sources say the government is now keen to ensure it picks a credible strategic investor to develop the vast iron ore deposits at Liganga, and in so doing avoid a repeat of past experiences of controversy linked to the project.
However, long-standing allegations of corruption in relation to both aspects of the project have still to be dealt. The matter is understood to have been referred to the Prevention and Combating of Corruption Bureau (PCCB).
Opposition legislator Mohamed Mnyaa (Mkanyageni-CUF), shadow minister for industry and trade in Parliament, is one of those who have brought the subject up in Tanzania's National Assembly, seeking explanations from the government over the seemingly endless controversy surrounding the Mchuchuma/Liganga project.
Among Mnyaa’s assertions in Parliament is that the PCCB ought to launch a formal investigation into one particular local company, MM Steel Industries, which has reportedly been keen to take over the project. The Dar es Salaam-based company is owned by local businessman Subash Patel.
Kigoma North MP Zitto Kabwe (CHADEMA) has also enquired within the House about the controversies surrounding the project.
A number of legislators have accused government officials of showing open favouritism for MM Steel Industries to be awarded the mammoth project, which was hatched and nurtured under the watch of at least two former holders of the industries and trade ministerial portfolio, Nazir Karamagi and Basil Mramba.
According to government officials, the search for a strategic investor to take over the project is still on, and the state-run National Development Corporation (NDC) has the mandate to oversee this process on behalf of the government.
This is despite the fact that in 2001, an agreement of intent was signed between the government and a consortium of companies called the ’Project Sponsors’ - consisting of NDC, Siemens (SA), Grinaker-LTA, and Cinergy Global Power - to expedite the project.
Sources describe the reasons for the continued delay of the project take-off as being mainly ’’undue political influence’’ and ’’elements of corruption.’’
Source: This Day, Dar Es Salaam
The project has stalled for several years now as allegations of "dubious dealings" by a local investor company and high-level corruption continue to linger.
The Mchuchuma coal fields hold in excess of 535 million tonnes of coal suitable for steel manufacturing and power generation purposes, of which at least 159 million tonnes are a proven resource considered commercially-viable for extraction.
Tanzania has been plagued by reduced production at its major hydro-electricity utilities and sources close to the project suggest that Mchuchuma could have solved thatproblem and even created a surplus of electricity for export
A planned coal-to-electricity project at Mchuchuma is geared to initially generate up to 400 megawatts of electricity while the nearby Liganga iron ore range is believed to hold deposits of at least 30 million tonnes of ore body, in an inferred resource of almost 1,200 million tonnes.
Sources say the government is now keen to ensure it picks a credible strategic investor to develop the vast iron ore deposits at Liganga, and in so doing avoid a repeat of past experiences of controversy linked to the project.
However, long-standing allegations of corruption in relation to both aspects of the project have still to be dealt. The matter is understood to have been referred to the Prevention and Combating of Corruption Bureau (PCCB).
Opposition legislator Mohamed Mnyaa (Mkanyageni-CUF), shadow minister for industry and trade in Parliament, is one of those who have brought the subject up in Tanzania's National Assembly, seeking explanations from the government over the seemingly endless controversy surrounding the Mchuchuma/Liganga project.
Among Mnyaa’s assertions in Parliament is that the PCCB ought to launch a formal investigation into one particular local company, MM Steel Industries, which has reportedly been keen to take over the project. The Dar es Salaam-based company is owned by local businessman Subash Patel.
Kigoma North MP Zitto Kabwe (CHADEMA) has also enquired within the House about the controversies surrounding the project.
A number of legislators have accused government officials of showing open favouritism for MM Steel Industries to be awarded the mammoth project, which was hatched and nurtured under the watch of at least two former holders of the industries and trade ministerial portfolio, Nazir Karamagi and Basil Mramba.
According to government officials, the search for a strategic investor to take over the project is still on, and the state-run National Development Corporation (NDC) has the mandate to oversee this process on behalf of the government.
This is despite the fact that in 2001, an agreement of intent was signed between the government and a consortium of companies called the ’Project Sponsors’ - consisting of NDC, Siemens (SA), Grinaker-LTA, and Cinergy Global Power - to expedite the project.
Sources describe the reasons for the continued delay of the project take-off as being mainly ’’undue political influence’’ and ’’elements of corruption.’’
Source: This Day, Dar Es Salaam
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