Tuesday, February 28, 2012

Tanzania Minerals Corp. provides operational update and announces grant of incentive stock options and change in corporate secretarial staff

VANCOUVER, Feb. 8, 2012 /CNW/ - Tanzania Minerals Corp. (the "Company"), (TSXV:TZM) (FRANKFURT: TM0.F) is pleased to provide an operational update with respect to exploration at its Mrangi and Mrangi South gold properties in the Lake Victoria Goldfields area of Tanzania.  Fourteen diamond drillholes, approximately 200 metres depth each, for a total of 2,673 metres, and 58 reverse circulation for a total depth of 8,598 metres have been drilled to date.  Drilling was conducted to determine the cause of arsenic and gold soil anomalies detected by traditional soil geochemistry exploration and multiple element anomalies (e.g., As, Cu, Zn) detected using a portable XRF unit over the same area.  The drilling reported in this release focused on secondary priority targets on the licence related to a strike extension of the Phoenix mine vein swarm and metal anomalism.  Results from initial drilling were reported in a press release dated October 14th, 2011.  Preliminary gold exploration on four licences in the Kagera Region has also been initiated.
Kal Matharu, CEO of Tanzania Minerals Corp. commented, "I am pleased with the latest results of our exploration program and the identification of the two new mineralized zones encountered.  I look forward to receiving the next assay results from the drilling program to test the lateral extent of the system."  He added, "Initial exploration on our Mrangi South and four Kagera Region gold licences is encouraging, and we eagerly await the results of the soil and lithogeochemical sampling programs."

Aminex reveals new gas find in Tanzania

StockMarketWire.com - Aminex has revealed a gas discovery at the Ntorya-1 exploration well in the Ruvuma Basin onshore in Tanzania. 

Aminex said that further to its update on 15 February, which reported strong gas shows in a good quality Cretaceous reservoir sand at a depth of 2,660 metres, the open hole has now been logged from total depth of 2,750 metres across the zone of interest. 

Electric logs show a gross sand interval of 25 metres between 2,660 metres and 2,685 metres with a three-metre net gas bearing pay zone in sandstones with 20% porosity at the top and a 16.5 metre thick lower sandstone interval with further possible gas pay. 

Proving the presence of reservoired hydrocarbons in Cretaceous sands in Ntorya-1 opens up the potential for additional plays in thick Mesozoic sands encountered by Aminex and partners in the Likonde-1 well just 14 kilometres north of the Ntorya-1 well. 

Tanzania securities to bail out Dar es Salaam stock market

DAR ES SALAAM, TANZANIA - Tanzania's Dar es Salaam Stock Exchange (DSE) trading are expected to pick up because yields for fixed income securities and money market instruments keep on falling, thanks to easing tight money stance in the economy.
The stock exchange turnover last week dipped by almost 78% as money investors eyeing risk free government securities that in recently days offered handsome yields of between 13% and 18%.
On average stocks' dividend yields per year is around 10%. The Tanzania Securities Business Analyst Joel Nkya said, this week they anticipate improvement in the level of stocks activities following signs of coming down of treasury bills and bonds at primary market.
"Yields for fixed income securities and money market instruments keep on falling amid easing of the tight liquidity policy by the centre bank," said Mr. Nkya on the stock brokerage firm weekly report.

Tanzania NSSF to float shares to raise funds

Photo/Adam Ihucha  NSSF Director General, Dr Ramadhan Dau: He said the pension fund will withhold some shares for its members.
Photo/Adam Ihucha NSSF Director General, Dr Ramadhan Dau: He said the pension fund will withhold some shares for its members.  
By ADAM IHUCHA Special Correspondent

Tanzania’s National Social Security Fund plans to sell shares in several companies it has a stake in.It is seeking to raise more funds to meet rising pension obligations and expand its portfolio.
The public pension manager says it will float shares at the Dar es Salaam Stock Exchange, giving investors a chance to own stocks in the companies.
The Fund is working out the details of which companies it is likely to divest from in an exercise sources said could happen later this year or by mid 2013.
Ramadhan Dau, NSSF Director General, said his team is currently finalising details on the shares to float and the amount of money it expects to raise before seeking approvals from market regulators.

Tanzania, Uganda in big oil & gas deals: British firm to invest $20b in Tanzania gas

The Tanzania Minister for Energy and Minerals, Mr William Ngeleja inaugurates the gas plant in Ubungo Dar es Salaam recently. (Photo by Leonard Magomba)
The Tanzania Minister for Energy and Minerals, Mr William Ngeleja inaugurates the gas plant in Ubungo Dar es Salaam recently. (Photo by Leonard Magomba)

DAR ES SALAAM, TANZANIA - Massive  discoveries of natural gas to the offshore of Tanzania have attracted a number of international oil and gas explorers to venture into exploration project.
According to British Gas International (BGI), appraisal work showed that the offshore Tanzania contained about 3 trillion cubic feet of natural gas in the southern part of the country.
A British based firm, BGI, last week announced a massive investment plan in gas and to the Tanzanian economy as President Jakaya Kikwete said the government would make sure that the deal benefits both Tanzanians and investors.
The delegation of British investors which headed by the chairman of BGI, Sir Robert Wilson, last week briefed President Kikwete on a plan to put US$10 to US$20 billion in the economy to develop infrastructure to exploit the country's huge gas reserves.
"We are planning to invest between US$10b and US$20b in second half of this decade in gas and the Tanzanian economy," said Sir Wilson and adding, "Tanzania should prepare its economy to handle such an amount of money."
Wilson said the company has discovered huge reserves of natural gas in three wells including a deepwater one which were drilled in 2009 and last year in the Indian Ocean.

Tanzania Stock Market Commentary – Week Ending February 17, 2012

The Dar ALSI edged up 71bps to 1,310.3. The most actively traded stocks were NMB, Tanzania Breweries (+13.2% to 2,400) and CRDB Bank. The week’s top and only gainer was Tanzania Breweries. All other counters remained flat.
On the economic front, Tanzania’s year-on-year inflation rate for the month of January came in at 19.7%. This barely a relief from the inflation rate of 19.8% for the month of December.  Easing of inflationary pressure in the country as has been seen in the other East African countries may come much slower, with an expected rise in electricity costs of about 40%.
In company news, gold production in Tanzania by Africa Barrick Gold (ABG) fell by 2% in 2011 to 688,000 ounces. According to the company’s management the cost of production went up by 22% to USD 692 per ounce on the back of higher energy and labour costs. ABG projects gold production in 2012 to come in at between 675,000-725,000 ounces. The company is also considering investments in West and Northeast Africa through mergers and acquisition.

Tanzania Stock Market Commentary – Week Ending February 3, 2012

The Dar ALSI went up marginally by 5bps during the week to end at 1299.0. The week’s top trader was Twiga which accounted for 83% of the week’s turnover of TZS 1.3bn (USD 0.8m). Other actively traded counters were NMB, Simba Cement (-0.8% to TZS 2380), Tanzania Breweries (+1.0% to TZS 2060) and CRDB Bank. The week’s top gainers were Swissport (+3.6% to TZS 870) and Tanzania Breweries. Simba Cement was the week’s only declining stock.
In economic news, The IMF has forecast a decline in inflation to 9% in June, as a result of an expected drop in fuel prices and good harvests. High food and fuel prices resulted in inflation escalating to 19.8% as at December 2011. The IMF is advocating for tightening of the monetary and fiscal policies to aid in lowering of inflation. Economic growth is projected to ease to 6% on the back of power outages and a slowdown in the global economy.
Tanzania expects to make major commercial discoveries of natural gas over the next five years. The government is putting in place strategies to facilitate investments in this industry.

Too Rich, Too Soon

Volatility Rising: How to Hedge the 2012 Rally

Volatility Rising: How to Hedge the 2012 Rally

If you've caught the explosive rally since late last year you're left with a high class problem: how to lock in gains without incurring short-term gains tax or leaving yourself out of the market when stocks are still rising.More »Volatility Rising: How to Hedge the 2012 Rally