Congo’s Gecamines offers $1 million to block Chinese deal with Chemaf
Chemaf agreed to sell its assets to Chinese defence and industrial giant, China North Industries Corp, or Norinco in June.
The Dar es Salaam Citizen reports Tanzanite One Mining, the dominant miner of the rare gemstone only found in the foothills of Mount Kilimanjaro, has been ordered to increase the minimum wage for its employees from Sh180,000 to Sh350,000 per month (roughly US$215) as directed by the government.
London-listed Tanzanite One has returned to profitability as prices for the gems which usually follow that of rough diamonds improve post-recession and is embarking on an expansion strategy, acquiring an Australian sapphire project earlier in June and reshuffling its board.
The chairman of the Tanzania Mines and Construction Workers Union (TAMICO) Mr Raphael Ombande said the management of Tanzanite One had assured him that they would heed the call to increase salaries of thousands of its employees.
Growth Company Investor reports:
The former AIM star, now headed by geologist Bernard Olivier, sees the recovery in tanzanite prices from their 2008 credit-crunch low to have 25 per cent more mileage yet.
Image of a model wearing a Tanzanite tiara is courtesy of Tanzanite One. Tanzanite in its rough state is usually a reddish brown color. It requires artificial heat treatment to 600 °C in a gemological oven to bring out the blue violet of the stone. The mineral is named after Tanzania, the country in which it was discovered in 1967.
