Nyamongo Tanzania Limited
Company Details
Company Introduction
Nyamongo Tanzania Limited is a Canadian gold mining companywith many years of experience in Tanzania and in Canada.Our property is immediately adjacent to the massive Acacia (AfricanBarrick) North Mara Gold Mine which holds a reserve ofapproximately 11 million ounces and produces somewhere between100,000 to 200,000 ounces of gold per year.We have undertaken substantial geological studies on our MiningLicense property including an Aero-Magnetic and Ground-Magneticstudy along with a commissioned Canadian National Instrument 43:101Technical Geological Report with all ore samples and assaysindependently analyzed by SGS Laboratories.After proving 3,900 kilograms Au (120,000 ounces), being awarded anEnvironmental Certificate (Environmental Impact Statement &Environmental & Social Management Plan) and along with aGovernment approved Feasibility Plan, in 2011 we were awarded afull Mining License from The Ministry for Energy andMinerals. Buying Physical Gold in TanzaniaIn Tanzania there were previously 2 ways of buying gold at adiscount to Spot Price:Purchase directly from local Artisan Gold MinersPurchase from Gold Smugglers often originating from the DemocraticRepublic of CongoBoth of these situations however have changed quitedramatically!Artisan MinersLocal mining communities who produce using a hammer, chisel andmercury system usually take their gold to an Elusion Plant to bepurified and sold to a licensed Gold Dealer.Artisan Miners may live in quite remote locations in mud huts withno water, toilets or electricity but without exception they havemobile phones which all have 1 touch key strokes for Live-Time goldspot market prices.In the past few years the average price paid to local artisans wasabout a 10% discount to Spot Price.The buyer would then pay the mandatory 4% Government Royalty(export fee), approximately 2% for overheads (security,transportation, etc.) and would net around a 4% profit by the timeit was delivered and then refined and certified to 999.9 in anothercountry such as Dubai or UK.This market is now extremely crowded and the competition to buyartisanal gold in Tanzania is dominated by buyers from India whonow pay almost the full spot market price just to get the physicalsupply of gold!Gold Dealers and buyers have also invested hundreds of thousands ofdollars into Elusion Plants and Processing Facilities just to gainthe advantage to buy gold from the Artisans but even this hasfailed and they have been displaced because of the Indian buyinggroups paying full price.Gold SmugglersIt is entirely impossible to leave Tanzania legally with physicalgold without the proper Government paperwork.Gold can only be sourced from either a Gold Miner or a Gold Dealerand in both situations the Exporter has to show Source of Originsigned off by the Ministry of Mines and Tanzania Revenue Authoritytax and duty paid (4%) as well as an Export Certificate.If the gold is not proven to be of Tanzanian source it will beconfiscated and the new Smuggler will be prosecuted, fined andpotentially jailed.Under the new President of Tanzania these rules are beingvigorously enforced.To import to Dubai, London, USA etc. the documentation has to meetOECD Rules and if not, the gold will be confiscated under ConflictGold laws and the culprit charged.Once again the culprit will be prosecuted, fined and potentiallyjailed.So without proper sourcing and documentation of your gold you risksevere consequences for both Exporting and Importing.FraudGoogle 419 Gold Scamsâ¦â¦ and you will be shocked at the shearnumbers!Many of these Fraudsters promise big percentage discounts usingsophisticated schemes to steal from Buyers often with upfront feesand non-existing inflated taxes.Do your own research and dont let GREED ruin your life as 99.9% ofthese gold sellers will steal your money!Â
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