Peak confident of stability in Tanzania
Peak Resources Limited’s (PEK) Alastair Hunter said the company had not experienced any political issues in Tanzania due to its positive relationship with the government. His view reaffirms
comments earlier last week from Lihir Gold acting CEO Phil Baker that Australia presents a greater sovereign risk to the miner than many African countries.
Speaking at a presentation to Shaw Stockbroking, Mr Hunter said the mining potential of Tanzania today is where Western Australia’s was in the 1980’s.
“We actually have less hassle from Tanzania than Western Australia,” Mr Hunter said.
”The fact is Australia has more sovereign risk than Tanzania.”
With four of its priority seven projects located in the East African nation, the junior miner’s words would have been comforting for investors.
The chairman was confident the company’s multi-commodity Ngualla project had “undeniable” potential to be a world-class project. The project is considered to be one of the largest mineralised carbonatites at over 3.5km by 3.5km.
Mr Hunter noted that mining at the project was low cost due to the depths and relative ease the soil was to dig. The deposits also include base metals copper, lead and zinc.
At present the major concern seemed to be the completion of the road to the project.
“This could take anywhere between 3 and 30 years,” Mr Hunter said light heartedly.
The project includes targets of rare earth elements such as Niobium and Tantalum, which the chairman said were the “commodities of the future”, as well as Titanium and Phosphate.
”We want to be a JORC compliant company by the end of this calendar year,” Mr Hunter added.
Looking at the Lake Victoria Goldfield, located in the third largest gold producing area of Africa, Mr Hunter was excited by size of the deposits.
“There are huge gold deposits, the area is grossly under explored,” he said.
Mr Hunter said the African’s had put down 400 shafts in relation to the Imweru prospect, which was a positive sign.
“If the Africans use them and they’re getting gold, you know it’s quite good,” he said.
At home, Peak is facing difficulties with obtaining Aboriginal clearance for its Three Rivers Project in Western Australia.
Mr Hunter said the company would not require a capital raising this year as it has enough money “in the bank”, while he confirmed Peak had received interest from Japanese and financial groups, however nothing had eventuated.
“As it stands now we are not going to be talking to anybody.”
“We are starting to get on the radar screen,” Mr Hunter concluded.
Peak shares climbed 2c to 15c on Friday.
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