On 29 June 2017 the Government submitted the 3 Bills to the National Assembly under a Certificate of Urgency: Natural Wealth and Resources Contracts (Review and Re-Negotiation of Unconscionable Terms) Bill 2017 (NWRCR) Natural Wealth and Resources (Permanent Sovereignty) Bill 2017 (NWR) Written Laws (Miscellaneous Amendments) Bill 2017 A public hearing by the Parliamentary Committee will be … Read more
Following the mineral sand Committee report led by Chairman Professor Abdulrahman Mruma, President Magufuli yesterday, 24 May 2017: fired the Minister of Energy and Minerals, Professor Sospeter Muhongo; dissolved Tanzania Minerals Audit Agency (TMAA) Ministerial Advisory Board; and suspended the TMAA’s Chief Executive Officer, Engineer Dominic Rwekaza. Some English language newspaper reports: Daily News Citizen Guardian … Read more
State House has announced that Geoffrey Idelphonce Mwambe has been appointed as the new Executive Director of Tanzania Investment Centre (TIC). We understand that from June 2016 Mr Mwambe was District Commissioner for Manyoni District in Singida Region and before that Director of Trade, Investment and Productive Sectors at the Ministry of Foreign Affairs and East … Read more
A draft National Land Policy 2016 has been circulated for consultation with stakeholders. This is a revision of the National Land Policy 1995. Items of note include that the Government shall ensure that : Private sector encouraged to mobilise resources to develop land through PPPs (para 7.2.4). Mining projects shall compensate any affected land surface rights which … Read more
In Summary While the current government has rightly highlighted industrialisation as its priority, one should not ignore the potential role that mining can play. Indeed, a large chunk of the foreign exchange income and economic growth over the last decade can be directly attributed to mining. A lot of the public debate on mining has … Read more
Mining (Minimum Shareholding and Public Offering) Regulations 2016 were published 7 October 2016. In brief, Special Mining License holders shall: issue shares to the public and list on the Dar Stock Exchange within 1 year of the SML; and have a minimum 30% local shareholding of issued paid up shares, but Minister may grant a waiver if … Read more
Tanzania plans to further tighten controls on its mining sector to ensure that the country maximises the benefits from its wealth of natural resources. “Tanzania has a lot of minerals, but there have been a lot of funny deals … we have to look carefully at our laws so that we move forward as a … Read more
Read here a view on the Court of Appeal decision where the Tanzanian Court of Appeal has upheld the April 2016 decision of the Tanzanian Tax Revenue Appeals Tribunal that a UK-listed subsidiary (Acacia Mining PLC (Acacia)) of Canadian gold mining parent (Barrick Gold Corporation) entered into “a sophisticated scheme of tax evasion,” designed to … Read more
Mortgage finance in Tanzania – new regulations
Further to the 8 February 2018 constraints for mortgage finance in Tanzania (as per Part IV Written Laws (Miscellaneous Amendments) Act 2018 – see our...
Mining – Local Content Regulations 2019
New Mining (Local Content) (Amendments) Regulations 2019 have made some changes to the Mining (Local Content) Regulations 2018, which include: Local shareholding requirement for...
Microfinance Business service providers in Tanzania
Microfinance Act 2018 was enacted by National Assembly on 16 November 2018 (see VELMA Law earlier post) and now the Bank of Tanzania (BOT)...