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Amani secures gold dealer licence in Tanzania

25th November 2019

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

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ASX-listed Amani Gold has secured gold dealer licences in Tanzania through its 60% equity interest in Amago Trading.

The gold dealer licence was granted by the country’s Ministry of Minerals Mining Commission.

Amago is a joint venture (JV) between Amani and a consortium of local mining industry professionals headed by Bamwesiga Mwijage.

Amago has also opened an office in the minerals trading hub as a requirement of being granted a dealer licence.

The Geita district minerals trading hub is expected to attract both local and foreign gold dealers and is designed to be a model for other regional precious metals trading hubs in an effort by the government to crack down on illegal gold and precious metals trading.

The hub’s development is also in line with President John Magufuli’s directive to ensure that Tanzania “takes the lead” in the international gold business.

The in-country members of the Amago JV were “instrumental in gaining the gold trading licence” and will be responsible for sourcing gold in the Geita region. Gold secured by Amago in Geita will be shipped to Hong Kong for refining and sale.

The licence permits Amago to buy, sell or deal in gold, which is expected to produce a revenue stream for Amani.

Amago’s first gold trade is expected to be completed in late November.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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