Loading ...Tanzanian Royalty’s Subsidiary Tanzam Provides Notice of Force Majeure Under Agreement with STAMICO (State Mining Company), Owned by the Tanzanian Treasury
TORONTO, ONTARIO–(Marketwired – Feb. 5, 2016) – Tanzanian Royalty Exploration Corporation (TSX:TNX)(NYSE MKT:TRX) (the “Company”) announces that its subsidiary Tanzam has provided notice of Force Majeure under its agreement with STAMICO, owned by Tanzanian Treasury. This notice of Force Majeure is based upon the invasion and forced occupation by several hundred illegal miners of our mining properties including the South Pit and other areas within the Buckreef site, thereby endangering our team and preventing Tanzam from continuing its mining operations. This continuing intrusion into our mines now at night is well known to the government authorities, as are the active illegal mining operations taking place right on our border. We ordered our security force to stand down in order to prevent a more serious confrontation. This event, we believe, may have been incited by an energetic speech made in the local village by the Deputy Minister of Energy and Minerals stating that land would be given to the artisans for legal mining within 14 days. On the 15th day the large invasion took place. Our decision to act was to protect the assets of our stockholders and put a stop to these actions which do not respect contracts or due process of law.
Invasions are continuing by stealth and at night.