Under its new Mining Legislation Tanzania issued its first Uranium Mining License for the Mkuju River Project that will be operated under Russian uranium mining company, AtomRedMetZoloto (ARMZ).
The mining license was officially presented by Tanzania Ministry of Energy and Minerals to Mantra Tanzania, a subsidiary of ARMZ, after 2 years of negotiations with the Russian mining giant and represents a new era for uranium mining in Tanzania.
Vadim Zhivov, Uranium One President said the license was a “real breakthrough” and the beginning of plant construction as an “important event”.
For being the first major mining development in South Eastern Tanzania the revenue is estimated on generated FDI inflows worth 450 million USD, the creation of more than 1,500 jobs and a 250 million USD foreign currency receipt annually.
Uranium Mining in Tanzania is expected to generate significant indirect and direct FDI cash flows during the life span of the new mining exploration.