Dismiss Notice
You are browsing this site as a guest. It takes 2 minutes to CREATE AN ACCOUNT and less than 1 minute to LOGIN

While Mali seeks ownership of mining companies, Tanzania is still sleeping

Discussion in 'Biashara, Uchumi na Ujasiriamali' started by Geza Ulole, Jan 24, 2012.

  1. G

    Geza Ulole JF-Expert Member

    #1
    Jan 24, 2012
    Joined: Oct 31, 2009
    Messages: 8,104
    Likes Received: 1,329
    Trophy Points: 280
    [​IMG]
    Print | Close this window
    [h=1]Mali Seeks bigger share in mines, lower taxes[/h] Mon Jan 23, 2012 3:42pm GMT
    By Tiemoko Diallo
    BAMAKO (Reuters) - Mali is seeking to raise the state share in mining projects to 25 percent from 20 percent in a proposed revision to the West African gold producer's mining law, a senior official at the state regulator told Reuters on Monday.
    The revision, which must be passed by parliament, would also trim taxes on mining income to 25 percent from 35 percent, the official from the National Directorate of Geology and Mines (DNGM) said by telephone, asking not to be named.
    Mali is Africa's third-largest gold miner behind South Africa and Ghana, with major foreign operators including Resolute Mining, Anglogold , Iamgold, and Randgold.
    Mali's Mines Minister Amadou Cisse said earlier on Monday over national radio that the mining code revisions were being considered by the National Assembly.
    He said the proposed changes would require mining companies to sign community development deals with local leaders before winning new titles, but he did not mention any changes to state ownership or taxes.
    "This means that the company will commit to providing things for the community, wells, roads, health clinics, schools, and this would be outlined in a framework document signed by the company and the municipality," he said.
    Mali had announced in May plans to overhaul the mining law, saying it hoped the move would streamline procedures for acquiring exploration and mining permits and lure renewed investment.
    Mali's gold revenues surged in 2011 by more than 20 percent tracking a rise in gold prices, though production slipped to about 43.5 tonnes from over 46 tonnes in 2010. The largely desert country relies on gold for about 70 percent of export revenues and 15 percent of gross domestic product.
    Officials from Resolute, Anglogold, Iamgold and Randgold were not immediately available to comment.

    MY TAKE
    While Mali is trying to have ownership in their mining companies Tanzania is still sleeping and still receiving 3% as royalty
     
Loading...