Tanzanian billionaire Rostam Azizi’s mining agency acquires 50 p.c stake in Williamson Diamonds

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Tanzanian contract mining firm Taifa Mining and Civils Restricted, owned by billionaire Rostam Azizi, has taken a big step ahead in its enlargement plans.

The agency has signed a definitive settlement to buy 50 p.c much less one share of Petra Diamonds’ shareholding in Williamson Diamonds Restricted (WDL). The deal, valued at $15 million, solidifies Taifa Mining’s rising affect in Tanzania’s mining sector.

The transaction builds upon a earlier Memorandum of Understanding signed between Taifa Mining and Williamson Diamonds Restricted two years in the past. In keeping with the phrases of the newest deal, Taifa Mining will purchase a big stake in WDL and assume a prorated portion of shareholder loans owed by WDL.

Richard Duffy, Chief Government of Petra Diamonds, expressed his optimism in regards to the partnership, stating that the brand new construction would cut back Petra’s fairness curiosity in WDL, aligning with their aims whereas retaining management and a share of the upside.

He emphasised Williamson’s distinctive place within the sector, highlighting its massive useful resource base and skill to provide high-quality pink diamonds. Duffy additionally acknowledged Taifa Mining’s intensive native and mining expertise, which shall be instrumental in optimizing the orebody for mutual profit.

With over 30 years of mining-related expertise, Taifa Mining is Tanzania’s largest mining contractor, boasting profitable relationships with outstanding firms akin to Petra, De Beers, Barrick, and AngloGold Ashanti.

Rostam Azizi, Chairman of Taifa Mining, lauded the deal as a big milestone for the corporate. Azizi additionally highlighted the corporate’s dedication to adhering to worldwide requirements in all enterprise operations.

The most recent acquisition represents Azizi’s newest efforts to diversify his enterprise pursuits within the East African area. Earlier this 12 months, he secured a license from the Kenyan authorities to determine a cooking fuel plant and storage amenities on the Mombasa port by means of his LPG provide firm, Taifa Gasoline.

Because the Tanzanian billionaire expands his presence in Kenya’s market, he’s set to face fierce competitors from oil giants Vivo, Rubis, and Whole, who’re vying for management of the numerous market share of households counting on cooking fuel.

With Azizi’s intensive expertise and sources, this market battle is predicted to accentuate, offering customers with extra choices and doubtlessly driving down costs.

Via these strategic strikes, Rostam Azizi is solidifying his fame as a outstanding determine within the East African enterprise panorama, leveraging his entrepreneurial experience and capital to create mutually useful partnerships and ventures which have the potential to reshape industries.



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