Tanzanite producer Richland Resources (LON:RLD) can export from Tanzania again after the Ministry of Mines temporarily lifted its recently imposed ban.
Richland said the granting of interim permission to export was received after extensive discussions with the Ministry and will apply during the re-audit of financial records of subsidiary, TanzaniteOne Mining Limited by the Tanzanian Minerals Audit Agency (TMAA).
The ban was imposed earlier this month after a dispute over royalties owed to the Tanzanian government. At the time, the company warned the ban would severely impact its ability to generate revenues.
The retrospective royalties claim for US$1.73m relates to the period from 2004 to 2008.
The TMAA has commenced a re-audit of the financial records of TML for the period 2004 to 2010 in order to establish the amount, if any, of additional royalties payable. The conclusion of this re-audit is not expected for several weeks.
Richland suspended trading in its shares on AIM when it announced the export ban on 8 October, but trading in its shares will now resume today.