Tanzanite Share Discussion Threads

[p@] 31/3/2008 16:15

2008-03-31 14:57:43 Xinhua

The government of Tanzania has suspended the mining of gemstone tanzanite in northern Tanzania after storm-caused flood drowned scores of miners.



ThisDay newspaper Monday reported from the Manyara region that the government had announced the closure of all tanzanite gemstone mines at Mererani area in the Manyara region.



The government has also set up four special committees to deal with the tragedy which occurred Friday when rainstorm caused flash floods that submerged miners who were working in underground mine pits.



Rescuers have reportedly found some survivors but still some 70 miners are unaccounted for. Four bodies have so far been recovered from the flooded pits.

Tanzanite One, a South African company which is operating a neighbouring pit, offered equipment to pump out flood water and dig a path towards the miners.

[pugugly] 31/3/2008 11:28

rns now updates and expands my information. Looks as though Jasonsharland's call to Joburg stirred up some action.

Now we know roughly where we are but will still need time to see if there are any knock-on effects.

[pugugly] 31/3/2008 09:38

Just spoken to the mine. Some flooding in bravo shaft but no employee deaths reported.

I cannot guarantee reliability but this is what I was told by the mine office who sounded confident. . Please do not take any investment decisions on this report without verifying yourselves.

[jasonsharland] 31/3/2008 08:54

spoke to various tanzaniteone personnal in Joburg. i don't like this news short-term. the miners being found dead are tnz employees yet in Joburg they said that they had no link to the flood news and that no tnz employee deaths existed to their knowledge but that they were aware of events. a short-term sell.

[dasein] 20/3/2008 00:26

Been watching this one for a while,and wondering if there was a catch...and after researching a little decided against

Hope you dont mind if I share some of my findings,not trying to be bearish or unduly negative, but in these volatile times am looking for reasons not to invest first, (no reason why the stock should not soar despite my risk aversion,so good luck to all holders)

My first concern was why did Ian Harebottle leave ?..seems to me that he was a hugely enthusiastic CEO who was driving the company forward in a most impressive way,

Mr Ami Mpungwe has now effectively assumed control..



Very well connected ,but with a corruption scandal having recently brought down the government I'm not sure it that is a good or a bad thing

From the accounts
Ian Harebottle has stepped down as CEO of TanzaniteOne Limited and will leave the company with immediate effect to pursue other interests. Mr Harebottle joined the Group following TanzaniteOne's acquisition of Afgem's tanzanite assets in 2004. Commencing as Chief Operating Officer, he took on the role as CEO in May 2006.
Mr Zane Swanepoel has been appointed Managing Director of TanzaniteOne Limited effective immediately and will be driving the operational performance and growth of the tanzanite operations and the tsavorite project. Mr. Swanepoel joined the Company in September 2005 as General Manager - Mining. He has 25 years experience in mining of which 18 years has been at senior mine management level. Mr. Swanepoel has been instrumental in coordinating and developing the Group's operational growth to date and will continue to be based at the mine in Meralani.

Mr Ami Mpungwe, currently non-executive director of TanzaniteOne Limited, will assume the role of Executive Deputy Chairman. Mr Mpungwe holds directorships in a number of companies including National Bank of Commerce, Tanzania Breweries and Air Tanzania. He has an honours degree in International Relations and Political Science and has spent 25 years in the diplomatic service. Mr Mpungwe will be responsible for guiding the Company's presence in Tanzania.


and from the local press



Tanzania: Tanzanite-One Arusha Boss 'Relieved of Duties'
Arusha Times (Arusha)

8 March 2008
Posted to the web 9 March 2008

Valentine Marc Nkwame
Arusha

Tanzanite-One, the giant South African mining company which runs mining operations in Arusha town and Merani hills has reportedly elbowed out its President and chief operating officer here, Ian Harebottle, according to reliable sources from inside the company.

Ian Harebottle himself has admitted that his company's board of directors has suspended him from operations but he did not explain why the decision was reached. "The board has just decided to relieve me my duties," said Ian adding that he will however not be leaving Arusha.


Elsewhere in the country



Tanzania: British Duo Flee Moshi After Death Threats
The East African (Nairobi)
3 March 2008
Two British investors have fled Moshi in northern Tanzania after receiving persistent death threats in the wake of an invasion of their multimillion shilling Silverdale Farm by a large herd of cattle that caused massive destruction to property.
"What began as a dispute between partners has evolved into a major row that now threatens diplomatic relations between Tanzania and the United Kingdom.
Last week, a British MP, Roger Gale, laid a White Paper before the UK Parliament asking for the suspension of all aid to Tanzania until a solution to the matter is found.
"My constituents have lost their investment, lives have been placed in danger and, most important of all, innocent people have been imprisoned," he said.
Mr Gale recounted how, between 2000 and 2004, the Silverdale farm in Moshi was owned by Benjamin Mengi, whose brother is the Tanzanian media magnate Reginald Mengi."

Finally a fascinating document that gives in depth research into the background and state of the tanzanite industry

[topvest] 19/3/2008 21:39

I've bought some. Only noticed this company last weekend. It's got a unique asset..there are not many companies out there actually with something so unique. Undervalued as well with a very strong management team.

[sambessey] 18/3/2008 18:56

Interesting looking co... Will look to create a position before Ex Div...

[mikehardman] 18/3/2008 11:29

added 65 (having failed to get filled at 62);
moving north of the 60p level now, my short-term targets 70 & 80p;
continued buying from last week's good finals etc.
several nice factors on the chart

[mikehardman] 17/3/2008 15:22

and you're not the only one, alan, by the looks of the continued net buying today :)

[deadly] 14/3/2008 22:12

Can someone enlighten me on some details from the results:

1) the stated eps for 2007 is 8.96c and the dividend is 10c. Why are they paying out more than they earn? Seems like a crazy idea.

2)the table below from the results refers to IH FY 2008. Should this be 2006 really, or have they got a crystal ball? If it is 2006 then $3.0m seems too high.

Net profit and production comparisons by year
+----------------------+---------+---------+---------+---------+---------+
| | 1H | 2H | FY 2007 |FY 2006* | Change |
| | FY 2008 | FY 2007 | | | |
+----------------------+---------+---------+---------+---------+---------+
|Net profit after tax &| $3.0m | $3.6m | $6.6m | $1.8m* | +267% |
|OEI | | | | | |
+----------------------+---------+---------+---------+---------+---------+
|Tanzanite recovered | 762,073 | 938,061 |1,700,134|1,230,505| +38% |
|(carats) | | | | | |
+----------------------+---------+---------+---------+---------+---------+

[p@] 14/3/2008 14:10

Buy rec. in I. C. today.

[brando69] 06/3/2008 18:51

when does it go ex-divi?

[ch1ck] 06/3/2008 18:30

Time to load up withis one again, I sold a few months back but this looks good with the dividend due at the end of the month.

[mikehardman] 06/3/2008 12:47

gap filled, still going north, buying improving

[mikehardman] 06/3/2008 09:15

finals (out a bit earlier than last year):

net profit +267%, gross margin up to 50%, revenue +18%, tanzanite recovered +38%, tonnage +60%, cash costs/carat -24%, 10% price increase/carat, cash up to $12.9m, divi +25%, tanzanite mkt good, Tsavorite project slow to start (that's OK);

I struggled to find much wrong with them results;

up more (and now broken up through main semi-log falling R from mar06)

[brando69] 29/2/2008 18:35

seems my post yesterday opened the floodgates.

only wish i'd bought some...

[bisiboy] 29/2/2008 18:34

just an oversold positon correcting itslef

[malcolme2] 29/2/2008 13:01

Any rumours of a takeover doing the rounds?

[nilip] 29/2/2008 11:50

Can only buy 5k TNZ but can sell upto 25k ... MM's seem keen to buy ...?

[rbf] 29/2/2008 11:30

now 51p to buy

[mikehardman] 29/2/2008 11:27

oh - go on then - long 48 (in 2 nibbles)