DAR ES SALAAM – Australian-based miner, Mantra Resources plans to build a $400-million uranium mine in Tanzania within the next three years, a cabinet minister in the east African country said on Friday.
The government will allocate 34 532 ha of land inside a world heritage game reserve to the Australian uranium miner for the project, Tanzania's Natural Resources and Tourism Minister Ezekiel Maige said.
Tanzania has at least 54-million pounds of uranium oxide deposits and expects to start mining some of the minerals.
"Mantra Tanzania Limited, an affiliate of Mantra Resources of Australia, plans to construct the uranium mine in the Selous Game Reserve," he told Reuters.
The project will have an annual gross turnover averaging $250-million for 15 years, he said.
Tanzania passed a new mining law last year that increases royalties paid on minerals and requires a government shareholding in future mining projects.
Maige said the company was now seeking clearance to build the mine in the game reserve, which is a world heritage site.
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