Taifa Group, the conglomerate controlled by Tanzanian billionaire Rostam Aziz, is set to play a central role in developing the Imwelo Gold Project in northwestern Tanzania following a financing arrangement worth up to C$32.2 million, approximately $23 million, involving Canadian mining company Lake Victoria Gold, as reported by Billionaire Africa. The funding package is expected to support the project’s transition towards construction and eventual production. Located west of AngloGold Ashanti’s Geita Gold Mine, Imwelo is a fully permitted gold development project in Tanzania’s Lake Victoria Goldfield, an established mineral-rich region that continues to attract international mining investment.
Under the proposed arrangement, an investor-linked company, HOB Energy FZCO, plans to acquire approximately 90.7 million new shares in Lake Victoria Gold for C$27.2 million, representing a potential 29 per cent stake in the company. The transaction remains subject to due diligence, definitive agreements and regulatory approvals. A separate C$5 million share placement to existing major shareholders will provide additional funding for land compensation, grade-control drilling and working capital. Taifa has also agreed to acquire an additional equity interest in Lake Victoria Gold through its mining subsidiary or related entities, although the size of the proposed stake has not been disclosed.
Beyond its investment, Taifa Mining will undertake all contract mining and civil works at Imwelo, positioning the company as a key operational partner in the project’s development. The arrangement builds on a relationship that has been developing since 2023, when Aziz’s interests committed to a financing programme designed to increase their ownership in Lake Victoria Gold. With more than three decades of experience working alongside major mining operators, including Barrick, AngloGold Ashanti, Petra Diamonds and De Beers, Taifa brings established local contracting expertise to the project. For Tanzania, the development represents another step in attracting capital and strengthening domestic participation in the mining value chain, while expanding the role of locally owned businesses in the country’s gold industry.
