Mining magnet James Sinclair of TanGold retires after turning 80 years

26May 2021
By Guardian Reporter
The Guardian
Mining magnet James Sinclair of TanGold retires after turning 80 years

CANADIAN mining magnet who has invested extensively in the country’s gold extraction industry, James Sinclair has retired as Executive Chairman of Tanzanian Gold Corporation after turning 80 last month.

In a recent statement, TanGold said Sinclair will continue serving as Chairman of the board of directors for the company. “TanGold has had the privilege of being founded and directed since 2000 by the leadership of the renowned James E. Sinclair. It is with profound gratitude that the company acknowledges his contribution to the present success and long-term resilience of our enterprise,” the statement stated.

Sinclair has been known and respected fondly as ‘Mr. Gold’ since he boldly and accurately predicted the price of gold would rise from $150 per troy ounce in 1977 to $900 per troy ounce. The price of gold in 1980 fell just short of his now famous prediction. He has had a stellar career as a precious metals specialist, market maker, and commodities and foreign currency trader, the TanGold statement noted.

The Canadian mining guru was the original founder and explorer of Bulyanhulu Gold Mine through Sutton Resources, which has been one of the most productive gold mines in Tanzania. “Jim is known for the successful Sinclair companies which have operated around the globe and was the individual who liquidated the Hunt’s precious metals position in the 1980’s,” the statement noted.

Meanwhile, TanGold’s first quarter results indicate that the company raised U$24.4 million during the period which significantly improved net working capital, liquidity and corporate position in the country where it is developing Buckreef Gold Mine in Geita with State Mining Corporation.

The company said in its results that as a result there has been strong addition to senior management team and alignment of operating management at Buckreef. The company said it is also working with Stamico to advance the Buckreef Project and modernize the joint venture agreement. “There has been positive operating results on oxide test plant to build larger oxide operation targeting production of 15,000 – 20,000 ounces of gold per year,” the report stated.

Commenting on the results, TanGold CEO, Stephen Mullowney said the first 120 days of his tenure has been exhilarating. “I am extremely excited with all the improvements we have made across the entire business,” Mullowney said while adding that work done to date and the work ahead positions the company for continued success over the short, medium and long term.

“This is an exciting time! I would like to congratulate everyone involved on a job well done and look forward to working closely with the TanGold team, the Buckreef team and our joint venture partner, Stamico, to continue to advance the development of the Buckreef Project to become a major new mine in Tanzania,” he added.

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