There are proved deposits of 100,000 ounces of gold at the mine but prospects are higher for more discoveries, according to Stamico's Acting Managing Director, Eng. Edwin Ngonyani. "We will continue drilling in the area and surrounding areas in a distance of about four kilometres.
Hopes are high that there could be between 150,000 and 200,000 ounces of the precious mineral," Eng. Ngonyani told journalists in Dar es Salaam.
Stamico acquired the mine in November, last year at
The corporation is using the
Eng. Ngonyani, who assumed the position on
"My focus is to turn around the corporation in shortest time possible, possibly within the next two or three years and start making contributions to the treasury and shun dependence on the state for funds," he explained.
On the other hand, the Stamico boss said the exactly value of
The coal mine has the capacity to generate 6MW of electricity but the intention is to boost power generation to 200MW to be injected to the national grid through a 100- km power transmission line.
Stamico's Director of Finance and Administration
"There will be also an open cast mine that will be constructed with a capacity to produce 1.5 million tonnes of coal. Producing 200MW of power electricity requires this amount of coal,"
The director hinted that several investors have expressed interests in the project, which was repossessed from Tanpower Resources last year, but stressed new investors will be picked through a competitive and transparent manner.
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