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.
A Russian uranium mining company announced Monday one of its African subsidiaries received a mining license for its Mkuju River project — the first issued by the government of Tanzania under its new mining legislation.
The state-owned company — JSC Atomredmetzoloto, a.k.a. ARMZ Uranium Holding Inc. (ARMZ) — owns Mantra Resources Pty Ltd. and its subsidiary, Mantra Tanzania.
ARMZ acquired 100% of Mantra Resources in June 2011. Following this acquisition, it became the operator of the Mkuju River Project, and acquired a 13.9% stake in the project in March 2012.
At the end of Sept. 2011, the measured and indicated resources of Mkuju River Project amounted to 35,888 tonnes of uranium with 10,041 tonnes of the radioactive metal reported in the inferred category. Average grade is 0.024-0.025% of uranium.
UNESCO approved excision of the proposed Mkuju River’s uranium mine site from the Selous Game Reserve in mid-2012.
