STAMICOState Mining Corporation (Tanzania)
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UK-based natural resource investor Obtala Resources Ltd (LON:OBT) said on it had sealed an agreement to form a 50/50 investment and natural resource development joint venture with the Tanzanian State Mining Company, or Stamico.
According to the Mining Act, 2010, the government will own the shares through its two institutions, the State Mining Corporation (Stamico) and the National Development Corporation (NDC).
The story is a similar one for Tanzania Road Tankers Association (TAROTA), the Railway Authority and the State Mining Corporation (STAMICO) which, through its subsidiary, Uvinza Salt Mines, was Burundi's major salt supplier.