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Barrick, Glencore executives expect new license for Kabanga nickel JV

Executives from Glencore PLC and Barrick Gold Corp. still expect the Tanzanian government to issue a new license for the companies' Kabanga nickel joint venture, despite earlier reports that the current license was revoked as part of a new mining regime in the country, Bloomberg News reported May 13, citing a Barrick spokesman.

Reuters recently reported that the retention license for Kabanga was one of 11 the government canceled under 2018 mining regulations. Retention licenses are granted to holders of a prospecting license after they identify a mineral deposit of potential commercial significance that cannot be immediately developed.

"Glencore and Barrick expect to receive a prospecting license and look forward to continuing the constructive relationship that exists with both the Government of Tanzania and the communities in the area of the project," Barrick spokesman Andy Lloyd told Bloomberg.

The companies applied for a prospecting license to replace Kabanga's retention license, which was set to expire in 2019. Lloyd said the new license will be valid for four years.