TanzaniteOne’s raises 6bn/- for mining restart

Four of the miner’s directors doubled or more than doubled their stake, while five investors are now significant shareholders with holdings of 4.4% or higher.Richland Resources -- the parent company of TanzaniteOne Mining Ltd -- is set to restart mining at its tanzanite operations in Tanzania after exceeding the minimum it required from a placing and open offer. 

The miner will receive £2.76 million (about Sh6.072 billion) gross in total from the funding with directors and five investors heavily backing the share issue, according to information posted on the company’s website.

Richland has been making heavy losses recently in part due to illegal miners occupying its licence area.

With the help of the Tanzanian government and its new partner, the state-owned state mining corporation (Stamico), Richland has started to wrestle back its operations from the illegal miners and will use the money to restart. 

Four of the miner’s directors doubled or more than doubled their stake, while five investors are now significant shareholders with holdings of 4.4 per cent or higher.

Bernard Olivier, Richland’s chief executive, said: “We are very pleased with the success of the Placing and Open Offer which have allowed all our shareholders the opportunity to participate.”
Source: The Citizen, reported from Dar es Salaam, Tanzania
Share on Google Plus

About Abduel Elinaza

This is a short description in the author block about the author. You edit it by entering text in the "Biographical Info" field in the user admin panel.