Parliament has given its backing to new legislation regulating the mining sector in Tanzania. The Mining Act 2010 increases the royalties paid on minerals such as gold from three to four percent. It also requires the government to own a stake in future mining projects and for mining companies to list on the local stock exchange.
Under the new law Tanzania will not be issuing new gemstone mining licences to foreign companies although existing arrangements with foreign investors remain unchanged.
The aim of the law is to increase revenue from the country
The Wanted Network
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