Final Hurdle Cleared
Lake Victoria Gold (TSXV LVG / WKN A3E4WC) has now successfully cleared the very last formal hurdle on the path to transferring the sought-after Imwelo mining license. As the company announces, the Tanzanian Revenue Authority (TRA) has issued the tax clearance certificate for the acquisition of the license this week. With this, along with the vote from the Fair Competition Commission and proof of paid acquisition taxes, the company has all the documents necessary to effect the actual transfer of the license. This is expected to occur within the next 30 days.
Development Plans Moving Forward
With the acquisition of the Imwelo mining license now imminent, LVG will advance its development plans for the project. Following the transfer of ownership and final approval from the TSX Venture Exchange, the company intends to proceed with site preparations, infrastructure development, and initial mining activities at Imwelo. Additionally, the company is furthering negotiations with several other debt and equity partners to secure full funding for the development of the Imwelo project, and expects to make further announcements regarding this shortly.
Marc Cernovitch, Chief Executive Officer and Director, commented: “We are very pleased to have received the tax clearance certificate from the TRA, which allows us to submit our final applications to the Mining Commission and complete the acquisition of the Imwelo project. This is a crucial step forward in our strategy to expand and consolidate our assets in the Lake Victoria Goldfields. The preparation of our submission to the Mining Commission is currently being finalized and is expected to occur in the coming days.”
Simon Benstead, Executive Chairman and Chief Financial Officer of the company, stated: “Receiving the tax clearance certificate is a decisive step for LVG. It allows us to complete the acquisition of Imwelo and advance our development plans. We appreciate the unwavering support and patience of our shareholders, partners, and stakeholders as we work towards our common goals.”
Conclusion: Lake Victoria’s shareholders will soon know the handbook for transferring mining licenses in Tanzania by heart. Yes, it’s true, the procedure, which was already familiar from the transfer of the Tembo licenses to Barrick Gold, has again taken an agonizingly long time. But now, a new era is finally beginning for Lake Victoria Gold. The feeling of powerlessness that apparently necessarily arises during bureaucratic processes has come to an end. From now on, the company can once again determine the pace of development itself. The management had more time than they would have liked to prepare for this moment. Shortly, Lake Victoria will reveal how the Imwelo project will be fully financed.
