Tanzania’s President Urges Increased Control of Mineral Wealth

Magufuli this week demand $190 billion taxes from Acacia

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Tanzania's President
A student, left, washes waste rock rock before selling them to a gold agent, right, as they sit near the North Mara mine operated by African Barrick Gold Plc., in Nyangoto, Tanzania. The hills around Barrick Gold Corp.Õs North Mara mine in Tanzania suffer from some of the highest rates in the world. Photo: Trevor Snapp/Bloomberg

OMAR MOHAMMED on BLOOMBERG MARKETS | 26 July 2017

“Tanzanians are being cheated out of the country’s mineral wealth and should take more control of their natural resources, President John Magufuli said.

Investors in Tanzania’s mining industry have “stolen” from the country by failing to distribute a fair share of the revenue they generate from gold and other minerals, Magufuli said in a speech in the central region of Singida on Tuesday.

Magufuli is overhauling the country’s mining industry as the government targets doubling its contribution to gross domestic product to 10 percent by 2025. In March, he banned mineral exports and ordered an audit that found London-based Acacia Mining Plc understated the taxes it owes Tanzania, a finding the company refuted. The government this month approved laws that would enable the state to renegotiate contracts with mining and energy companies.”

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