Mkuju River project will put Tanzania among top 10 African countries in uranium mining with over Sh 1.6 trillion earnings from foreign direct investments, ac cording to Mantra Tanzania managing director Asa Mwaipopo.
Presenting a paper on Tanzania’s Uranium mining potential during the country’s mining, energy, oil and gas and infrastructure Indaba 2012, Mr Mwaipopo said the project was going to benefit all players and the country at large.
“The project apart from diversifying the mineral sector will generate direct and indirect cash flows to Tanzania in excess of $640 million over the current life of the mine of 12 years and also attract FDI in excess of $1 billion over the life of the mine,” he said.
According to him, the Mkuju River project will be operated under the terms and conditions prescribed in the country’s 2010 Mining Act that among other things addresses the need to increase loyalty payment levels.
Mantra Tanzania and its investors are committed to developing the Mkuju River project in spite of the continuing depressed uranium market after the Fukushima event, he said.
Mr Mwaipopo said the project will be developed in accordance with the set safety and environmental standards to ensure minimal risks when the project finally starts.
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