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The Tanzanian government has revealed plans to buy a 50 per cent stake in TanzaniteOne Mining, a wholly-owned subsidiary of gem miner Richland Resources
The company has said that it has agreed with the government in principal, but was yet to get into the details of offloading the stake in line with the Mining Act of 2010.
The TanzaniteOne executive chairman, ambassador Ami Mpungwe, told Tanzania's Daily News, “We have agreed in principal and we are currently working on the details.”
He added that the talks have taken a long time to conclude as there was no real precedent for the situation.
Deputy minister for energy and minerals Stephen Masele, however, said the government had already concluded the talks on the acquisition of TanzaniteOne shares.
The government, through the Ministry of Energy and Minerals has asked TanzaniteOne to surrender its 50 per cent stake to the State Mining Company (STAMICO) as a condition of renewing its licence.