Daily Metal Market News & Metal Prices
 
Daily Metal Prices & Market News
Sunday 05th of February 2012
Thursday, November 15, 2007

Tanzania to review mining contracts

Story link: Tanzania to review mining contracts
by Gill Montia
Tanzania to review mining contracts

Tanzania, Africa’s third-largest gold producer, is reviewing all mining contracts with foreign investors.

The move follows similar action taken this year by the Democratic Republic of Congo.

The government of Tanzania has appointed an 11-member committee to undertake the work. Its members include politicians, mining sector experts and government officials.

The role of foreign investors in the Tanzanian mining industry has been a long-term source of resentment, with claims that most mining contracts provide maximum benefit to investors at the expense of local people.

The review will be completed in three months and will consider all mining contracts and other documents involving large scale mining.

It will focus on taxation in the mining sector and the rights of investors as well as those of the government.

The committee will also hold discussions with the Tanzania Chamber of Minerals.

The role of the Chamber is to represent, protect and foster the common interests of private sector operators and to promote the mining industry in the country.

It plays an important role as a mediator between the mining investment community and key stakeholders, in particular the government and the public.

It is difficult to judge how effective the review will be given that the Tanzanian government has not yet adjusted mining royalties, despite indicating that it would do so at the beginning of this year.

 


Related posts to: Tanzania to review mining contracts

DRC completes review of mining contracts ...

BHP Billiton and AngloGold remain silent on DRC contract review ...

DRC ready to renegotiate mining contracts ...

Xstrata Nickel proceeds with Tanzanian project ...

Moto Goldmines waits on DRC Government review ...

Latest Metals News:

Latest News  Gold ends session lower in New York, but gains on week

Latest News  Gold prices retreat after setting new intraday high

Latest News  Gold closes at $1,666 per ounce in New York trade

Latest News  Gold prices at new records on disappointing US data

Latest News  Gold prices lower but comes off session lows on manufacturing data

Latest News  Gold sets new intraday, closing highs to end trading week in New York

Latest News  Copper rises; precious metals prices see declines

Latest News  Gold prices drop on profit-taking, stronger US dollar

Latest News  $1,616.80 per troy ounce: Another record high for gold

Latest News  Gold trades as high as $1,624.30 per ounce in New York


Previous: «
Next: »

Visited 2554 times, 1 so far today

Gold ($/troy ounce):

Silver ($/troy ounce):

Platinum ($/troy ounce):