3 Bills re Mining and Oil and Gas

1. Natural Wealth and Resources Contracts (Review and Re-Negotiation of Unconscionable Terms) Bill 2017 (NWRCR)
2. Natural Wealth and Resources (Permanent Sovereignty) Bill 2017 (NWR)
3. Written Laws (Miscellaneous Amendments) Bill 2017

A public hearing by the Parliamentary Committee will be held this Saturday 1 July and Sunday 2 July 2017 in Dodoma. We understand the intention is to debate these Bills now and pass them into law next week.

1. People of Tanzania shall have permanent sovereignty over all natural wealth in Tanzania held in trust by the President (sections 4 and 5 NWR);
2. National Assembly approval (section 6 NWR) and possible review (section 12 NWR and section 4 NWCR);
3. guaranteed returns to Tanzanian economy (section 7 NWR);
4. Government equitable stake in the venture (section 8 NWR);
5. no beneficiation export (section 9 NWR and section 100B(2) amendment to Mining Act));
6. all disputes to be held in Tanzania under Tanzanian law (section 11 NWR);
7. renegotiation of unconscionable terms (section 6 NWR);
8. constraints on stabilisation clauses (section 100E amendment to Mining Act);
9. investment of profit into Tanzanian economy (section 100F amendment to Mining Act);
10. at least 16 non dilutable shares for Government (section 10(1) amendment to Mining Act);
11. in additional Government entitled to up to 50% commensurate with tax expenditure / incentives given by Government (section 10(2) amendment to Mining Act);
12. PSA must observe principles such as justice and equitable distribution, favour this interest of Tanzania, transparency, fair dealing and shall not disenfranchise or otherwise lock out the people of Tanzania (section 47(4) amendment to Petroleum Act);
13. PSA must be approved by National Assembly (no longer reference to Cabinet) (section 47(3) amendment to Petroleum Act); and
14. no petroleum export unless all royalty paid (section 113 amendment to Petroleum Act).