Reuters: Investors wary as Magufuli asserts more control over Tanzania mines .

heradius12

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Apr 1, 2011
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New laws and a crackdown on mining firms in Tanzania has slowed fresh investment in what has long been seen as one of Africaâ€s brightest mining prospects as companies assess the consequences of government efforts to claim a bigger slice of the pie.

Takeover bids and exploration plans have been cancelled and workers laid off. The share prices of many firms listed in Australia, Britain, South Africa and Canada with interests in Tanzania have halved as the value of their investments tumble.

The tumult follows the passage of three laws in July that, among other things, hike taxes on mineral exports, mandate a higher government stake in some mining operations and force the construction of local smelters to bring Tanzania higher up the mining food chain.

The regulations aim to stamp out what President John Magufuli, nicknamed “the Bulldozer�, has called years of corrupt practices and tax evasion that have robbed the country of revenue from a sector accounting for about four percent of GDP.

Many of the changes were first suggested by the political opposition and have proved wildly popular with voters in Tanzania, where GDP per capita is still only $880.

International investors are not happy, however, especially because the details remain unclear. Magufuli fired the minister of mining in May and he has not been replaced.

Junior explorer Manas Resources expected to complete its acquisition of the Victoria Gold Project from Cienega Sarl by early 2018, but the company told Reuters it may run out of time if there is no clarity soon.

“Because of the changes in legislation and the time being taken to implement new regulations, the sector has slowed down to a point where it is impacting exploration activities and our capacity to finalise the deal,� said Manas CEO Phil Reese.

The director of one minerals company said he is shutting his Tanzanian office because he believes the laws will make it illegal for him to recoup the cost of his many unsuccessful exploration projects against the few successful ones, and require him to share his valuable geological data with the government for free.

“There will be no nickel and gold exploration in Tanzania for the foreseeable future,� the head of another company said.

Both men asked not to be named to avoid jeopardising their relations with the government.

One mining services company said it had laid off more than 50 employees in the last 18 months.
 

zuberi Abraham

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Feb 13, 2016
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Its time for international investor to assess themselves before doing business in Tanzania, new laws and political regime which we have now its hard to achieve super normal profit as they could before and if you want to do bness you need to be smart and follow procedure for now beside that, we all know what happens, as ACCaCia and prete diomond fight

May be after this regime things can be as before
 

UCD

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Aug 17, 2012
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Its time for international investor to assess themselves before doing business in Tanzania, new laws and political regime which we have now its hard to achieve super normal profit as they could before and if you want to do bness you need to be smart and follow procedure for now beside that, we all know what happens, as ACCaCia and prete diomond fight

May be after this regime things can be as before
They need to follow our laws otherwise let them go!
 

REDEEMER.

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Feb 22, 2015
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Hao ni investors au majizi kama hawawezi kuendana na sheria mpya waondoke walishazoea Tanzania ni kuchota tu bila huruma.

kwao ulaya sheria walizonazo hata kuuza karanga hakuna mtanzania wa kawaida atakaeyaweza hayo masharti hapa waliona ni kwa mazuzu.
 

Mwanzi1

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Sep 19, 2016
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Its time for international investor to assess themselves before doing business in Tanzania, new laws and political regime which we have now its hard to achieve super normal profit as they could before and if you want to do bness you need to be smart and follow procedure for now beside that, we all know what happens, as ACCaCia and prete diomond fight

May be after this regime things can be as before
Before as NO paying taxes? Or before as undervalue the amount they export. The mineral will remain in the ground until we figure out what is going on.
 

Maharo

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Aug 22, 2016
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Hao ni investors au majizi kama hawawezi kuendana na sheria mpya waondoke walishazoea Tanzania ni kuchota tu bila huruma.

kwao ulaya sheria walizonazo hata kuuza karanga hakuna mtanzania wa kawaida atakaeyaweza hayo masharti hapa waliona ni kwa mazuzu.
Halafu kuna mazuzu humu ndani bado wanawatetea....bora ukose mali upate akili.

Rais go go go usisikilize kelele za wachumia tumbo.
 

jebs2002

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Sep 3, 2008
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Its time for international investor to assess themselves before doing business in Tanzania, new laws and political regime which we have now its hard to achieve super normal profit as they could before and if you want to do bness you need to be smart and follow procedure for now beside that, we all know what happens, as ACCaCia and prete diomond fight. May be after this regime things can be as before
Sawa kabisa, ukifuata sheria, mkataba na hasa ile CSR ( Corporate Social Responsibility), sioni sababu ukashindwa kuwekeza na kupata faida nzuri tu, ila ukiingia na gia za kuhonga ili mkataba uwe kinyonyaji na wakukujali wewe tu kama mwekezaji na wale raia wachache waliokusaidia basi usije, nenda Congo, Uganda au Equatorial Guinea, Tanzania tumeamka twajuwa haki zetu..
 

black sniper

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Dec 10, 2013
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Wafuate sheria wameiba vya kutosha
Hata madini yasipochimbwa watuachie tu mpaka wataokubali masharti waje.
Rais kaza kamba
 
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