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 East African reports that the Russian state-owned nuclear energy firm JSC Atomredmetzoloto (ARMZ) is shelving a plan to acquire the $1.16 billion Mkuju Uranium assets in Southern Tanzania over the recent Japanese nuclear plant crisis.
The move comes a month after the Russian firm obtained a take-over approval from the government of Tanzania under the Fair Competition Act 2003.
The Tanzanian government had said that it would start higher grade uranium mining in early 2012 at Mkuju River following the completion of the feasibility study and the approval of environmental impact assessment of the area.
