MaxShimba
JF-Expert Member
- Apr 11, 2008
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[h=3]Tanzania raises royalty fee on gold exports[/h]
SUNDAY, 28 AUGUST 2011 19:07 DOREEN DAVID
DAR ES SALAAM, TANZANIA- The third largest gold producer in Africa, Tanzania, has attracted significant investment in the mining sector over the past decade and it is planning to conclude negotiations with mining companies next month to allow the government to raise royalty payments on gold exports from three percent on net income to four percent of gross export value.
According to the Minister for Energy and Minerals, Mr William Ngeleja, the need for negotiations to raise is due to the fact that for the last five years, Tanzania's annual gold exports have tripled to US$1.5 billion due to the increase in the price of gold, but Government revenues have remained at around $100 million a year.
"We drafted a new (mining) policy in 2009 and enacted a new mining Act last year, among other things, to address the shortfalls identified in the past. We have now decided that the Government shall own a stake in all future mines," Minister Ngeleja added.
Read more »
SUNDAY, 28 AUGUST 2011 19:07 DOREEN DAVID
DAR ES SALAAM, TANZANIA- The third largest gold producer in Africa, Tanzania, has attracted significant investment in the mining sector over the past decade and it is planning to conclude negotiations with mining companies next month to allow the government to raise royalty payments on gold exports from three percent on net income to four percent of gross export value.
According to the Minister for Energy and Minerals, Mr William Ngeleja, the need for negotiations to raise is due to the fact that for the last five years, Tanzania's annual gold exports have tripled to US$1.5 billion due to the increase in the price of gold, but Government revenues have remained at around $100 million a year.
"We drafted a new (mining) policy in 2009 and enacted a new mining Act last year, among other things, to address the shortfalls identified in the past. We have now decided that the Government shall own a stake in all future mines," Minister Ngeleja added.
Read more »