Mining group African Barrick Gold has announced the renewal of its special mining licences (SML) at the North Mara mine for a period of 15 years, an important step in the company's long-term future.
The licences were originally granted in February 200, and experired in September last year, although the mine has continued to operate on the same basis due to the rollover provisions contained in the Tanzanian Mining Act.
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Commenting on the renewal, CEO of ABG, Greg Hawkins said: "The renewal of the North Mara SMLs represents an important step in providing a stable platform for future investment into one of our core assets. We have worked closely with the government over the past 18 months in order to achieve the first renewal of a special mining licence in Tanzania under the Mining Act 2010, and this highlights their focus on ensuring there is a positive investment climate for Tanzania."
The share price fell 1.5% to 394p by 09:20.
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