TSX-listed Tanzanian Gold and its joint venture (JV) partner, the State Mining Company (Stamico), have submitted an updated mine plan for the Buckreef gold project, in Tanzania, to the country’s Mining Commission.
Stamic, which is 100% owned by the Tanzania government, owns a 45% nondilutable equity interest in Buckreef Gold Company, which wholly-owns the project.
In a statement on January 8, Tanzanian Gold said changing circumstances had necessitated an updated mine plan, including reviewing the mining licence area to accommodate artisanal mining on certain concessions, and the separation of the oxide and sulphide mine processing plants for metallurgical considerations.
As part of the submission to the mining commission, Buckreef Gold Company intends to relinquish certain concessions since this has no impact on the Buckreef concession and mineral resources of just over two-million ounces.
The updated mine plan, once approved, will replace the mine plan submitted to the Mining Commission in 2017 as part of the renewal of the project's special mining licence.
The company has also reviewed the Buckreef JV agreement with Stamico to bring its terms in line with recent changes in the Tanzanian mining laws and to modernise the working arrangement between the parties.
The parties have identified and agreed to amendments to the JV agreement, which have now been submitted to the relevant government authorities for further processes.