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Tanzania: Govt. to tighten mining regulations to ensure locals benefit from country's vast natural resources

Author: Fumbuka Ng'wanakilala, in Reuters, Published on: 5 November 2016

"Tanzania's President Magufuli says plans tighter mining laws"

Tanzania plans to further tighten controls on its mining sector to ensure that the country maximises the benefits from its wealth of natural resources, President John Magufuli said on Friday. Africa's fourth-largest gold producer also has vast deposits of natural gas, coal, diamonds, uranium and gemstones. "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 country," Magufuli [said]...

Magufuli said his government recently approved new mining regulations aimed at ensuring that the benefits of the mining sector are shared more equitably between multinational mining companies and the state. Since coming to power in 2015, Magufuli has promised to root out tax evasion, corruption and mismanagement." Some of the gold mines even have airstrips - how do you monitor what those planes are carrying from the gold mines? ... our country should not continue to be robbed."...Major gold mining companies in Tanzania include Acacia Mining Plc (previously known as African Barrick Gold), which has three gold-producing mines, and AngloGold Ashanti Ltd.

Read the full post here

Related companies: Acacia (formerly African Barrick Gold) AngloGold Ashanti