TanzaniteOne (LON:TNZ), the gemstones producer and developer, plans to change its name to more accurately reflect its increasingly diverse range of assets.
The group’s has historically focused heavily on tanzanite, a rare blue gemstone that is found only in the foothills of Mount Kilimanjaro in northern Tanzania.
Through its subsidiary, TanzaniteOne Mining Limited, the company holds the mining license over a property containing a significant portion of tanzanite resource, as well as prospecting licenses over potential tanzanite-producing properties adjoining its mining license area.
The company also conducts outside buying, operates beneficiation facilities, manages tanzanite grading and certification, and markets both rough and polished tanzanite.
Increasingly, however, it has become involved with the exploration for other colored gemstones. It has recently been following a diversification strategy to become a premium, coloured gemstones producer which began with the move into tsavorite and the option, acquired earlier this month over, a sapphire project.
Today it said that in light of this ongoing strategy, management considers it appropriate to change the name of the company. It proposes to be renamed Richland Resources Ltd, with the company ticker changed to RLD.
The company also announced today the publication of its annual report and issued notice that its AGM will be held at 10am on 1 August 2011.
A few days ago the company announced a board room shakeup, including the promotion of deputy chairman Ed Nealon to become the new non-executive chairman.
Current chairman Ami Mpungwe is the new deputy chairman of the Plc but he remains chairman of the group’s primary operating subsidiary in Tanzania, TanzaniteOne Mining Ltd. In this role Mpungwe will focus on strengthening and developing relationships within Tanzania.
Additionally the group also announced the hiring of Farai Manyemba as its new finance director.
Manyemba is a chartered accountant, who joined TanzaniteOne as a financial manager in 2007, has already played an instrumental in developing the group’s systems and controls, cost and cash management and financial reporting.
In the year ended 31 December 2010 TanzaniteOne returned to profit after it produced of 2.2 million carats and achieved total sales of US$ 15.9 million.