Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
The Sowetan reports Tanzania will begin uranium mining in its southern Selous Game Reserve, Africa’s second-largest wildlife sanctuary and a Unesco heritage site (pictured), the energy minister said Tuesday.
Australia’s Mantra Resources will start mining in late 2012 in the southern part of the 54,600-square kilometre park estimated to have 53.9 million pounds of uranium oxide deposits which is worth some $2.9bn at current market prices.
The minister claimed that mining would only involve about 1% of the park’s overall area and that income accrued from mining would help fund upkeep of the park, but environmentalists have slammed the plan.
Tanzania also said earlier this year there was no reason to further delay a plan to build a soda ash plant at Lake Natron in the north of the country, the only nesting ground for flamingoes in east Africa.
Comments
Emkwazi
corruption generates a number of engineered evil,destructive contracts/agreements in most of african countries..sustainable future of our generation is at great risks