The SML will be issued to the new joint venture company, named Sotta Mining Corporation Limited (Sotta), of which OreCorp holds an 84% interest through its subsidiary, Nyanzaga Mining
OreCorp Limited (OreCorp or the Company) is delighted to advise that it has received notification of the grant of the Special Mining Licence (SML) for the Nyanzaga Gold Project (Nyanzaga).
Following approval of the SML by the Tanzanian Cabinet of Ministers (Cabinet) in June 2021, OreCorp has been working with the Government of Tanzania (GoT) to finalise the Framework and Shareholders Agreements and the Memorandum and Articles of Association for a new joint venture company in connection with the grant of the SML. The Company has now been invited to attend a contract signing ceremony on 13 December 2021, at which Her Excellency Samia Suluhu Hassan, the President of the United Republic of Tanzania (Her Excellency) is expected to be the guest of honour.
The SML will be issued to the new joint venture company, named Sotta Mining Corporation Limited (Sotta), of which OreCorp holds an 84% interest through its subsidiary, Nyanzaga Mining Company Limited. The Treasury Registrar holds the GoT’s 16% free carried interest in accordance with The Mining Act [CAP. 123 R.E. 2019]. Upon payment of the rent and confirmation of the co-ordinates, the SML will be issued directly to Sotta for an initial term of fifteen years.
The Company would like to thank Her Excellency and the Cabinet, Honourable Minister for Minerals, Honourable Deputy Minister for Minerals, the Chairman and members of the Mining Commission, Permanent Secretary for Minerals, Regional Commissioner for Mwanza, District Commissioner of Sengerema and all other Government departments and officials in Tanzania who have helped and supported this process.
Grant of the SML is a pivotal milestone towards the development of Nyanzaga. The Company looks forward to working closely with the GoT with the aim of establishing the first new large scale gold mine in Tanzania in over a decade, for the benefit of all stakeholders.
Source: Company Press Release