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Richland continues its exit from Tanzania
After selling off its tanzanite mining operations last fall, Richland Resources is further pulling out of Tanzania by closing its retail stores there.
Bermuda--After selling off its tanzanite mining operations last fall, Richland Resources is further pulling out of Tanzania by closing its retail stores there.
According to a statement from Richland, the company decided to close down its Tanzanite Experience stores after a “review of the strategic options available for its Tanzanite Experience retail operations in Tanzania.”
The company will close all retail outlets across the country, and is finalizing the sale of the stores’ inventory and making redundancy arrangements for employees who were not able to find positions elsewhere in the company.
In November, Richland announced that it was selling its Tanzanite One mining and beneficiation business as well as tsavorite license interests in Tanzania to Sky Associates Group Limited for approximately $5 million.
Before that, the company restructured the Tanzanite Foundation, leading to the closure of the organization’s New York office at the end of August. It is unclear at this time what will happen to the foundation, which provided education about the stone and helped the lives of many people in Tanzania through its community outreach.
Sky did not want to acquire the Tanzanite Experience retail stores as part of the mining and beneficiation business, and Richland was unable to find another buyer.
Richland did not respond to a request for more information on the situation in Tanzania by press time, but one story reports that it has been having issues with illegal mining on its blocks in Tanzania for a while now, making it difficult for the mining operations to achieve profits.
Going forward, Richland said that it will put its focus on the Capricorn sapphire mine in Queensland, Australia, which is expected to be commissioned in the first quarter of this year and will produce blue and colored sapphires.
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