Tanzania, June 1 -- Lindi. The government has acquired a 16 percent non-dilutable free carried interest in the Lindi Jumbo Graphite Project, strengthening state participation in one of Tanzania's strategic mineral investments as required under the country's mining laws.

The stake, formalised through agreements signed between the government and Lindi Jumbo Limited in Ruangwa District, will be held through a joint venture company, Ndovu Graphite Limited. Lindi Jumbo Limited will retain the remaining 84 percent.

The acquisition is significant because Tanzania's mining legislation requires the government to hold a minimum free carried interest in large-scale mining projects, enabling citizens to benefit directly from the exploitation of nat...