Mantra Resources is owned by Russian uranium company AtomRedMetZoloto (ARMZ), which will put the operation of the Mkuju River mining site under the control of Canada-based Uranium One, which ARMZ acquired in 2012.
ARMZ and its subsidiaries expect to produce 14,000 tons of uranium annually from the Mkuju River, which has measured resources of 36,000 tonnes of uranium and inferred resources of a further 10,000 tonnes.
The first major uranium mining development in south-eastern Tanzania, Mkuju River is expected to bring Tanzania up to 728 billion shillings ($450 million) in foreign direct investments, 405 billion shillings ($250 million) in foreign currency receipts and create 1,600 jobs.
The site was excised from the Selous Game Reserve last year after receiving approval from the UN Educational, Scientific and Cultural Organisation.
Source :africanbusinessreview.co.za
