Lunyungu
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BN 10/20 08:10 *AFRICAN BARRICK SAYS GOV WANTS IT TO VOLUNTARILY MOVE TO 4%
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African Barrick Says No Agreement on Tanzania Royalty Rise (1)
2011-10-20 08:39:55.628 GMT
(Updates with company comment in second paragraph.)
By Thomas Biesheuvel
Oct. 20 (Bloomberg) -- African Barrick Gold Plc, the
largest producer of the metal in Tanzania, said no agreement has
been reached with the government on voluntarily increasing the
mining royalty it pays and that talks are continuing.
We havent got an agreement with them as yet, but its an
ongoing matter, Greg Hawkins, African Barrick chief executive
officer, said in a telephone interview. Weve had broad
discussions with the government.
Tanzania said yesterday that mining companies operating in
the East African country agreed to pay a higher royalty rate of
4 percent compared with 3 percent. The new royalty rate will
apply to miners of gold, silver and platinum and will be imposed
this year, said William Ngeleja, the minister of energy and
minerals.
The government is very keen for us to voluntarily move
from 3 percent to 4 percent, Hawkins said. It would have to
be a voluntary move on the basis that theres legal agreements
in place.
+------------------------------------------------------------------------------+
African Barrick Says No Agreement on Tanzania Royalty Rise (1)
2011-10-20 08:39:55.628 GMT
(Updates with company comment in second paragraph.)
By Thomas Biesheuvel
Oct. 20 (Bloomberg) -- African Barrick Gold Plc, the
largest producer of the metal in Tanzania, said no agreement has
been reached with the government on voluntarily increasing the
mining royalty it pays and that talks are continuing.
We havent got an agreement with them as yet, but its an
ongoing matter, Greg Hawkins, African Barrick chief executive
officer, said in a telephone interview. Weve had broad
discussions with the government.
Tanzania said yesterday that mining companies operating in
the East African country agreed to pay a higher royalty rate of
4 percent compared with 3 percent. The new royalty rate will
apply to miners of gold, silver and platinum and will be imposed
this year, said William Ngeleja, the minister of energy and
minerals.
The government is very keen for us to voluntarily move
from 3 percent to 4 percent, Hawkins said. It would have to
be a voluntary move on the basis that theres legal agreements
in place.