Kibo welcomes Tanzania moves against mining fraud

kiboBy ALLOYCE KIMBUNGA in TANZANIA, DAR-ES-SALAAM, (CAJ News) – JOHANNESBURG Stock Exchange-listed Kibo Mining has welcomed policy and legislative changes aimed at curbing rampant fraud in Tanzania’s mining sector.
The company announced it recently held a series of meetings with key Tanzanian stakeholders, which resulted in significant progress for the further development of its Mbeya Coal to Power Project (MCPP).
“Over the past two weeks we have seen strong and committed engagement from all the Tanzanian stakeholders towards moving the MCPP development process forward and the progress meetings on 12 and 13 June underscored this,”said Louis Coetzee, Chief Executive Officer of Kibo Mining. Coetzee disclosed they had “open and frank” discussions with the Ministry of Energy and Minerals on the ongoing public discourse in relation to possible further policy and legislative changes concerning the mining
“We are happy to confirm that our official position in this regard remains unchanged and we believe that the proposed changes and adjustments will in general contribute to a stronger and very robust mining industry in Tanzania going forward.”It has been reported fraud in the mining sector since 1998 has cost Tanzania 75 billion euros ($84 billion).Foreign companies failing to declare revenue have been blamed.
– CAJ News

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