The Canadian company also amended its joint venture agreement with STAMICO in line with new changes made to the Tanzanian mining laws
The Buckreef Gold Project is located in north-central Tanzania. (Credit: Tanzanian Gold Corporation)
Tanzanian Gold (TanGold) and its joint venture partner The State Mining Company (STAMICO) have submitted an updated mine plan for the Buckreef gold project to the Mining Commission in Tanzania.
STAMICO, which is fully-owned by the Tanzanian government has a 45% stake in Buckreef Gold Company, the holding company of the project.
According to the Canada-based TanGold, the updated mine plan was necessitated by changing circumstances. These include reviewing the mining license area to include artisanal mining on some concessions and the separation of the oxide and sulphide mine processing plants for metallurgical reasons.
Buckreef gold project to relinquish certain concessions
As part of the updated mine plan, the Buckreef gold project will look to relinquish certain concessions as it has no effect on the project concession and mineral resources of 2.04 million ounces.
The original mine plan was submitted in 2017 to the Mining Commission.
TanGold said that it has also reviewed the joint venture agreement with STAMICO to align its terms with recent changes in the Tanzanian mining laws and also for modernising their working arrangement.
The parties have made amendments to the joint venture agreement, which are subject to receipt of the required government approvals and the finalisation of the applicable legal documentation, said TanGold.
TanGold executive chairman James Sinclair said: “We have always adhered to and support local laws related to procurement, employment, the environment and non-corruption. This is why we agreed to a significant shareholding for our government-owned partner when we entered into the Buckreef joint venture.
“We will always strive to support and assist Tanzania to meet its objectives, particularly with regard to the development of the local mining industry, local communities, and national development, including the important artisanal mining industry.”
The Canadian company said that it has been advancing the Buckreef feasibility study.
It said that SGS Lakefield is in the process of wrapping up its initial metallurgical test work, while Terrane Geoscience is well advanced in finishing a geotechnical study, which will be important in determining pit slopes for the Tanzanian gold project.