AIM quoted gemstones producer and developer, Richland Resources said it has received interim permission to resume export from Tanzania’s Ministry of Energy and Minerals.
The exports of the company’s subsidiary TanzaniteOne Mining (TML) were banned early this month after a dispute over royalties owed to the Tanzanian government.
The retrospective royalties, which Richland was disputing, amounted to $1.73 millon for period between 2004 and 2008.
It said in a statement emailed to Rough&Polished that the interim permission was received after extensive discussions with the ministry and would apply during the re-audit of financial records of TanzaniteOne by the Tanzanian Minerals Audit Agency TMAA).
“A letter, received from the Ministry, states that, as agreed with the company, the TMAA has commenced a re-audit of the financial records of TML for the period 2004 to 2010 in order to establish the amount, if any, of additional royalties payable,” it said.
The Ministry would also resume all other support to the company’s mining activities.
Richland also resumed trading in its shares on Wednesday after a week-long suspension.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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