12 °c
London
Friday, March 24, 2023
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

Petra Shutters Tanzanian Mine After Diamond Shipment Seized

FurtherAfrica by FurtherAfrica
September 12, 2017
in Africa, Commodities, Diamond, Economy, Mining, Natural Resources, Tanzania
Reading Time: 2 mins read
959 10
0
Russia’s top diamond producer Alrosa starts sales of Angolan Catoca diamonds
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Petra Diamonds Ltd. halted production at its mine in Tanzania after the government seized a parcel of diamonds suspected of being undervalued, as a dispute between the state and foreign-owned mining companies widens. Petra shares fell the most in 16 years.

Employees of the Johannesburg-based company are cooperating with the authorities in the East African nation who are investigating a shipment of 71,654 carats of gems that was blocked from export to Petra’s offices in Antwerp, according to a statement released in London on Monday. Finance Minister Philip Mpango on Saturday threatened to nationalize the consignment after the government found the parcel of gems was worth more than the company said it was.

“Certain key personnel from Williamson are currently being questioned by the authorities,” according to the Petra statement. “Operations at Williamson have temporarily been stopped for health and safety and security reasons.”

Tanzanian President John Magufuli is overhauling the mining industry as the government targets doubling its contribution to gross domestic product to 10 percent by 2025. In March, he banned mineral exports and ordered an audit that found London-based Acacia Mining Plc understated the taxes it owes Tanzania, a finding the company refuted. The government in July approved laws that would enable the state to renegotiate contracts with mining and energy companies.

Petra shares fell as much as 28 percent on Monday morning, the biggest intraday plunge since June 2001. The shares were 16 percent lower by 8:19 a.m. in London. Petra said in its statement a government agency is responsible for valuing gem parcels that are exported to Antwerp, not the company.

‘Bubblegum’ Gems

Two Tanzanian ministers resigned last week after Magufuli told government officials suspected of wrongdoing in an investigation into the nation’s diamond- and Tanzanite-mining industries to step down. Edwin Ngonyani, a deputy minister of works, transport and communication, said he quit on Sept. 7. George Simbachawene, a minister in the office of the president in charge of regional administration and local government, announced his departure in a YouTube video.

Tanzanite, a blue gem, is only found in Tanzania. The nation also produces so-called “bubblegum” pink diamonds, including a 23-carat stone extracted from the Williamson mine, according to Petra’s website.

Source: Bloomberg

Related

Tags: DiamondsgemJohn MagufuliPetra DiamondsPhilip Mpangopink diamondsTanzaniaTanzania Finance MinisterTanzanian PresidentWilliamson mineタンザニア坦桑尼亚
ScanSendShare388Tweet242Share68Pin87Send
FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Economy

Africa must address the impact of a strong US dollar on its economies

by The Exchange
March 24, 2023
Mozambique: Exxon Senior VP confirms plans to press ahead with US$30B LNG project
Energy

Exxonmobil wants to update its Mozambique gas project

by Club of Mozambique
March 24, 2023
Economy

Kenya looking for US$1B in investments from UK

by The Exchange
March 24, 2023
Tech

Microsoft announces 4th Africa Developers Competition in Kenya

by TechGist Africa
March 23, 2023
Mozambique among countries elected to serve on UN security council
Tech

UNFPA launches digital incubation space to empower young people in Madagascar to innovate for change

by Rafael Carvalho
March 23, 2023
Platform Africa 2023
 
Mozambique eVisa
 
MozParks
 

Translate this page

Read the Latest

Economy

Africa must address the impact of a strong US dollar on its economies

by The Exchange
March 24, 2023
0

The recent dollar appreciation against most currencies globally has proven a challenge for most African economies. African governments have not...

Read more
Mozambique: Exxon Senior VP confirms plans to press ahead with US$30B LNG project

Exxonmobil wants to update its Mozambique gas project

March 24, 2023

Kenya looking for US$1B in investments from UK

March 24, 2023

Microsoft announces 4th Africa Developers Competition in Kenya

March 23, 2023
Mozambique among countries elected to serve on UN security council

UNFPA launches digital incubation space to empower young people in Madagascar to innovate for change

March 23, 2023

FurtherAfrica Partners Network

The Exchange Club of Mozambique Taarifa Rwanda
TechGist Africa Africa Oil & Power Farmers Review Africa
Tanzania Invest Zambia Invest See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
O Económico Digilogic Africa Web3Africa

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 100,046 other subscribers.
FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?