Proposed Legislative Changes in Tanzania

RNS Number : 9293J

Capital Drilling Limited

03 July 2017

 

FOR IMMEDIATE RELEASE

3 July 2017

Capital Drilling Limited

("Capital Drilling", the "Group" or the "Company")

Proposed Legislative Changes in Tanzania

Capital Drilling Limited (CAPD:LN), a leading drilling solutions company focused on emerging and developing markets, notes the recent publication of draft legislation in Tanzania which recommends changes to the legal framework governing the natural resources sector, which is to be debated in the Dar es Salaam Parliament this week. Though the suggested changes to the legislation are principally focused on mining groups and the percentage of local ownership, this legislation also includes suppliers for goods and services to the mining industry in Tanzania.  Though the Company's Tanzanian subsidiary, Capital Drilling (T) Ltd, Tanzania, is a 100% Tanzanian company by law, the Company is monitoring the situation closely and will update shareholders in the event there are any potential risks to the Company's business in that country.

For further information, please visit Capital Drilling's website www.capdrill.com or contact:

Capital Drilling Limited                                                                     [phone]

Jamie Boyton, Executive Chairman                                                [e-mail]

Dewald van Tonder, Chief Financial Officer

finnCap Ltd                                                                                          [phone]

Christopher Raggett, Corporate Finance

Emily Morris/Simon Johnson, Corporate Broking

Tamesis Partners LLP                                                                        [phone]

Charlie Bendon

Richard Greenfield

Buchanan                                                                                             [phone]

Bobby Morse                                                                                      [e-mail]

Gemma Mostyn-Owen

About Capital Drilling

Capital Drilling provides specialised drilling services to mineral exploration and mining companies in emerging and developing markets, for exploration, development and production stage projects. The Company currently owns and operates a fleet of 93 drilling rigs with established operations in Botswana, Chile, Egypt, Ethiopia, Kenya, Mali, Mauritania, Serbia and Tanzania. The Group's corporate headquarters is in Mauritius.

 

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