The Chanzo Morning Briefing – December 13, 2022.

In our briefing today: BoT takes over Yetu Microfinance Bank Plc; Tanzania, Oman seek to boost bilateral relations; TRX Gold hails the positive findings at its Buckreef Gold project in Mwanza.
The Chanzo Reporter13 December 20223 min

Dar es Salaam. Good morning! The Chanzo is here with a rundown of major news stories reported in Tanzania on Tuesday, December 12, 2022.

BoT takes over Yetu Microfinance Bank Plc

The Bank of Tanzania (BoT) announced on Monday that it has taken over and placed Yetu Microfinance Bank PLC under its statutory administration effective on Monday, December 12, 2022.

The central bank’s decision came following the failure of the bank to meet regulatory requirements regarding liquidity and capital adequacy.

“Allowing Yetu Microfinance Bank PLC to continue operating under the state of liquidity and under-capitalisation is detrimental to the interest of depositors and poses a systemic risk to the financial system stability,” the bank’s governor Florens Luoga said in a statement.

In addition, BoT has suspended Yetu Microfinance’s Board of Directors and Management and appointed a statutory manager to manage the affairs of Yetu Microfinance Bank PLC.

“The Bank will not be open for normal business for a period not exceeding 90 days during which the Central Bank will determine an appropriate resolution option,” Prof Luoga said in the statement.

Tanzania, Oman seek to boost bilateral relations

On Monday, Oman’s Minister of Commerce, Industry and Investment Promotion Qais Mohammed Al Yousef received Tanzania’s Foreign Affairs Minister Dr Stergomena Tax.

According to the Omani press, the meeting reviewed areas of cooperation between the two countries in the commerce and investment sectors.

It also touched on means of boosting bilateral relations and augmenting the volume of trade exchange.

The two sides also discussed the potential of establishing direct shipping lines between the ports of the two countries to import agricultural and animal products from Tanzania and export iron and aluminium products from Oman.

The meeting was attended by Pankaj Khimji, Foreign Trade and International Cooperation Adviser at the Ministry of Commerce, Industry and Investment Promotion, Saud Hilal Al Shithani, Ambassador of Oman to Tanzania, Abdullah Kilima, Ambassador of Tanzania to Oman and a number of officials from both sides.

TRX Gold hails the positive findings at its Buckreef Gold project in Mwanza

A gold mining company drilling in Tanzania TRX Gold Corporation has welcomed the positive findings of its 19-hole metallurgical variability sampling program at the Buckreef Gold Main Zone at its mine of the same name in the country.

According to a report by Proactive Investors, the miner said the results continued to show the continuity of mineralization down-dip and along strike of the deposit, along with “excellent” widths and grades.

“The continuity of gold mineralization in the Main Zone is clearly demonstrated by these metallurgical drill hole results – there is a great mine here,” Stephen Mullowney, the CEO of TRX, said in a statement.

Highlight results included 28 metres (m) grading 10.68 grams per ton (g/t) of gold from 0m in one hole, and 106.0m at a grade of 4.19 g/t of the precious metal from 85m depth in another.

“We have demonstrated over the past year our ability to mine and build an ore processing plant that is operating at 1,000+ tpd with 90 per cent gold recoveries,” continued Mullowney.

“Our next phase will focus on a simple gold recovery circuit for the broader project―the 2.0 million plus ounce Measured and Indicated Mineral Resource, and 0.6 million ounce Inferred Mineral Resource.

“These assay results provide Buckreef with excellent samples for broader deposit metallurgical testing as continuity is critical for a successful gold mining business,” he added.

“If the metallurgical variability study confirms that we can utilize the current straightforward flowsheet and existing processing plants for further expansions, we would really be off to the races,” said Mullowney in a statement.

This is it for today and we hope you enjoyed our briefing. Please consider subscribing to our newsletter (see below) or following us on Twitter (here) or joining us on Telegram (here). And in case you have any questions or comments, please consider dropping a word to our editors at editor@thechanzo.com

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