to help it wrestle away from Barrick Gold Corporation a lucrative mining project in the country that has been hailed as one of the biggest nickel-cobalt deposits in the world.
The move comes after the government revoked a retention license for the undeveloped Kabanga nickel project in May this year as part of enforcement of a new mining regime.
The government previously issued retention licenses to holders of prospecting licenses after they identified a mineral deposit within the prospecting area which is potentially of commercial significance but cannot be immediately developed due to technical constraints, adverse market conditions or other economic factors.
But under new mining laws passed by Parliament in July last year, all retention licenses were effectively cancelled, meaning that Barrick Gold Corp and Glencore Plc, which owned the 50-50 Kabanga nickel joint venture project, were stripped of their rights to the mineral rich deposits.
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