Tanzanian Royalty Exploration Corporation is pleased to announce the formation of a new company to explore the Kabanga nickel, cobalt and platinum group metals belt in Tanzania. The name of this company is Northwestern Basemetals Company Limited. It will be owned 75% by Tanzanian Royalty Exploration Corporation, 15% by Stamico, the State Mining Corporation of Tanzania, and 10% by Beijing Songshanheli Mining Investment Co., a Beijing mining company. Jinchuan Mining will not participate.
Mr. Sinclair, CEO of Tanzanian Royalty Exploration Corporation, will be CEO of the new company. He was in the past the Chairman of Kabanga Nickel now owned by Barrick Gold and its partner Xstrata Plc (Glencore International Plc). Sinclair said, "My history goes way back on this belt. I was exploring it prior to Barrick’s purchase and have always had significant confidence in its ultimate development."
"Tanzania looks right across the Indian Ocean at the growing markets of India and China. Developments of the infrastructure in this area have been significant in the past year including roads and electricity. Historically nickel foundries are established to service their clients so that development in India and China can be expected. If current trends continue, India and China will grow into membership of the three largest markets on the planet for these products. With our Chinese and Tanzanian partners I am delighted to again be spearheading this initiative."
James E. Sinclair
President and Chief Executive Officer
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