Aminex Share Discussion Threads

[malc5] 04/9/2020 07:45

hxxps://youtu.be/3l87WUOtBqI

Robert Ambrose, worth watching

[rangenoresources] 03/9/2020 21:40

The gullible still believe sign off is close.Dear oh dear. They are playing you all for mugs.

[malc5] 03/9/2020 09:34

REFORMS initiated by President John Magufuli in the mining sector have earned Tanzania 528bn/- in 2019/20, up from 168bn/- in 201

The great strides made in the mining sector are attributed to workable measures initiated by President Magufuli in managing the sector by enacting new laws that favour the country and its people, control production and mineral sales.

The measures include the enactment of the new Mining Law, 2017, amending some laws and establishing 31 big mineral trading hubs and 39 small ones at district level and the construction of a 24-km Mirerani perimeter wall that was completed in 2018 by Tanzania People's Defence Force (TPDF).

The new law and regulations, against what some pessimists were thinking, have increased the number of local and foreign investors in the extractive sector and now Tanzanians are not only spectators, labourers or onlookers of how minerals are exported, but owners of mines through Twiga Minerals Corporation.

The government and Barick Gold Corporation co-own the company and hence Tanzanians are co-owners of Bulyanhulu, Buzwagi and North Mara mines, with the full mandate and positions in the management and board of directors, hence are able to oversee every decisions and activities regarding the rich natural resources of the country.

Towards the end of last year, Barick Gold issued a statement to the effect that with the formation of Twiga, the government would acquire free shareholding of 16 per cent in each of the mines and would receive its half of the economic benefits from taxes, royalties, clearing fees and participation in all cash distributions made by the mines and Twiga. An annual mechanism would ensure the maintenance of a win-win situation.

Chief Government Spokesperson, Dr Hassan Abbasi, enumerating the feats under the sector in Dar es Salaam yesterday noted that after the new law and regulations were enacted, new mining licences issued rose from 3,464 to 7,132 three years on, that being translated as a huge increase in the number of investors due to new investments.

Dr Abbasi, who doubles as the Permanent Secretary in the Ministry of Information, Culture, Arts and Sports, said the achievements were due to the visionary leadership of President Magufuli and his stance on taking difficult decisions that had always been rewarding.

"What happened after the measures taken and the new investment impetus? Did we succeed or not? We have gained handsomely and in the 2019/20 fiscal year set targets that we in the government were asking ourselves if we would manage to beat - a whopping 470bn/- but by June 30 we broke the record by collecting 528bn/- Numbers don't lie. The data is there for anyone to see," Dr Abbasi noted.

Beneficiaries of the feats are both local and foreign miners, the government and all Tanzanians as the money earned is spent on the provision of social services in the country. Revenue increase is more than fourfold since President Magufuli assumed office.

Records show that while in 2014/15 only 168bn/- was collected, there was a little increase in 2015/16 to 207bn/-. In 2016/17 a total of 213bn/- was collected, in 2017/18 a total of 301bn/- was collected, in 2018/19 a total of 346bn was collected before collecting 528bn/- in 2019/20.

Dr Abbasi wondered why some Tanzanians were against all such measures that included the formation of the Mining Commission that had since discharged its duties well, with offices across the country to manage and control the production and sale of the precious stones.

He termed such people as agents of darkness who would even refuse to recognise their shadow and did not like to see a better Tanzania for Tanzanians.

Other measures that have benefitted artisanal miners include removing some taxes of about 23 per cent - such as five per cent withholding tax and 18 per cent of Value Added Tax (VAT) so that the money remains with miners for capacity building.

Mineral trading hubs have led to the selling of minerals with transparency. Examples of feats in the area is that before Geita Gold Market was established, the government was collecting a mere 878m/- per annum, but after its introduction the government earned 2.6bn/- per year. In Chunya, the government gets 1.2bn/- per year, up from 94m/- before the hub was constructed and became operational.

[gowski] 02/9/2020 22:34

3rd time lucky

[rich2006] 02/9/2020 20:49

Connected maybe but not reflected

[emptyend] 02/9/2020 17:46

https://www.theeastafrican.co.ke/tea/news/east-africa/magufuli-pledges-to-power-tanzanian-villages-as-campaigns-heat-up--1930704....I'd guess this is connected?

[dunderheed] 02/9/2020 16:41

HN lol!
Was thinking the same!!

[hardnose] 02/9/2020 16:24

@tmmalik - was that you starting them?

[edgar222] 02/9/2020 16:14

Do say more, tmalik!

[tmmalik] 02/9/2020 15:27

Some rumours on possible sign next week ,let see if it's true share price should go blue by end of day.Dyor

[rangenoresources] 02/9/2020 15:15

Going to hit 0.50's on the bidI did warn people

[malc5] 01/9/2020 16:22

I will be extremely surprised if this isnt signed of this month, especially with the election coming in October.

[greyingsurfer] 28/8/2020 10:10

I'd agree that it looks like both AEX and the Zubairs expect signing to happen. And they are probably right to do so. But the question that gets harder to answer at each extension is can ARA's patience and AEX's funds last long enough for the minister's pen to be found?Still holding here, but with lowering expectations.

[888icb] 28/8/2020 09:34

But it’s up 7.2% on some decent buys and volume of 5 million.

[jdk14] 28/8/2020 09:29

Thanks for answering ee - made a lot of sense.

[888icb] 28/8/2020 08:51

Have you been invested in AEX for long because if you have you would know this is par for the course in Tanzania.

[rangenoresources] 28/8/2020 08:43

They have extended 5 times. Surely people aren't that gullible to believe this is going to happen this year or at all?

[gerryjames] 28/8/2020 08:28

Are the short extensions not more to do with the conditions and timings around ARA's loans, having already expired. They have certain securities attached. Hence the continued support thank-you. Anyone know what they are?

[888icb] 28/8/2020 08:18

Yes I also agree that emptyend has set out the current situation very well.

[gerryjames] 28/8/2020 08:16

Off course at some stage a licence, for what it's worth, will be issued.

Well they've paid the disputed taxes and given up trying to get the stolen revenue back...why wouldn't the TDPC allow themselves another opportunity. It's only paperwork...the granting of a licence isn't really the issue. Is it?

[blackgold00] 28/8/2020 08:08

yes ee, my feelings as well, if the Government want's to stall the signing, that is, until closer to the election campaign, and then use the news of the Farm-out and subsequent, large Ntorya development, for its own advantages, to gain grater exposer and maximize political gain, then who in Tanzania can prevent them ?

[emptyend] 28/8/2020 07:52

To answer your question, it is clear from the repeated short extensions that both Aminex and the Zubairs expect approval to be granted. Indeed there is literally no reason why it wouldn't be (now the various other requirements have all been met) especially as there continues to be a strong need for gas to power the industry the government hopes to continue to attract. Of course, with the forthcoming election, there is the temptation to withhold the approval until some point when political advantage can be taken from it.So the short answer is that I think the chance is very close to 100%.....but exactly when that will occur (as with almost everything in Africa) is anyone's guess - as the delays of recent months prove.

[rangenoresources] 28/8/2020 07:18

This is going to tank today :)