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Tanzania: Govt. to probe if Petra Diamonds paying fair share of taxes, company says it complies with local legislation

Author: Fumbuka Ng‘wanakilala, Reuters, Published on: 8 September 2017

"Tanzania orders review of Petra Diamonds contract in mining crackdown"

Tanzanian President John Magufuli has ordered a review of a Petra Diamonds Ltd contract and asked senior public officials to resign over the outcome of an investigation into the mining sector...The moves are the latest attempt by Magufuli to tighten control over the mining industry to boost government revenues and stamp out alleged corruption. “I have endorsed all the recommendations of the parliamentary probe committees for the review of the Williamson diamond mine contract,” Magufuli said in a televised broadcast.

London-listed Petra has a 75 percent stake in the mine, while the government owns the rest...Petra said in a statement that its business was conducted in a transparent manner and that it had complied with all legislation in Tanzania. The mine accounted for 18 percent of Petra’s revenue last year...Magufuli also said he had ordered law enforcement agencies to investigate allegations of under-declared diamond exports. The president’s actions are a continuation of a crackdown in a mining sector that accounts for about 4 percent of Tanzania’s gross domestic product. Magufuli has sent shockwaves through the mining industry in Africa’s fourth-largest gold producer since his election late in 2015 with actions he says are aimed at ensuring that mining companies pay a fair share of taxes.

 

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Related companies: Petra Diamonds