Walkabout Resources Ltd's (ASX:WKT) shares are back trading today following the company providing an update from Tanzania, and the company's thoughts on the three Supplemental Bills amending the Mining Act 2010.
Walkabout said that the company, in conjunction with local and international legal teams, assessed these Bills and has provided an overview of the key issues which may have a material effect on the company’s ability to develop its Lindi Jumbo Project, or generally on the value of the assets of the company.
Summary conclusions from Walkabout
"The amendments are contrary to encouraging mining investment and of serious concern to all foreign investment in mining related activities in Tanzania.
"However, following a thorough review of the amendments and their potential impact on the company’s project, and after considering local and international legal opinion, the board considers that none of the amendments as they currently stand, would cause the company to halt or suspend its investment in the project or from working in Tanzania.
"The projects Definitive Feasibility Study economics are such that continued development and the realisation of value for the company, remains a priority."