| Kikwete's longtime friend, in trouble? |
| Written by Reuters | |
| Monday, 13 April 2009 | |
 Almost three years ago, I started a threat at JamiiForums.com on this man James Sinclair. The thread titled "James Sinclair: A friend or foe" was and still is one of the few threads that I constantly watch for any new development. The following article that appeared on Reuters adds more worries to my initial feelings toward this "investor" and his relationship with our president and how he has dug in too deep into our mineral resources. But does anybody cares?
Tanzanian Royalty Exploration Corp (TNX.TO), a gold explorer has no revenue, no earnings and no proven gold and could be substantially overvalued, Barron's said. Its shares trade at premium to peers, and its chief executive has been selling shares, Barron's said in its April 13 edition. While Sinclair has had success predicting gold prices, the company does not have a good track record of finding gold, Barron's said. The small-cap Canadian outfit has been looking for gold for a decade but none of its properties, all in Tanzania, have shown economically viable miner reserves, Barron's said. If it were valued more like its rivals with similar cash and gold reserves, its shares should be priced substantially lower than the current $4.05 per share, Barron's said. (Reporting by Ilaina Jonas; Editing Bernard Orr)
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