ajpirzada
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Market Report, "Tanzania Mining Report Q4 2009", published
2010-01-07 16:59:12 - New Materials research report from Business Monitor International is now available from Fast Market Research Major reforms to the legislation covering Tanzania's mining sector are expected in an amended Mining Act that should be tabled in parliament in April 2009, according to local newspaper The Guardian. A development that could have far-reaching implications for the country's mining sector, the momentum for reform has come from a presidential select committee on mining contracts that recommended in July 2008 that the government should own a 10% stake in all mining companies operating within the country. The Guardian reported the main findings of the Mining Contract Review Committee as follows: Mining royalties on metals should be increased to 5% from 3%; tax relief on fuel imports for gold mines should be stopped; royalties on rough diamonds and gemstones, such as tanzanite, should increase to 7% from 5%, while that for cut and polished stones should rise to 3% from zero; a fuel tax should be levied on mining companies with the money to be spent on road building; and royalties from the mining sector should be calculated on gross value, not net back value. The Guardian also reported that the government had lost around US$200mn due to tax exemptions granted to foreign companies. The 12-member presidential review committee, chaired by Judge Mark Bomani, began its assessment of Tanzania's mining sector in November 2007. It has also proposed the establishment of a Minerals Authority charged with the responsibility of supervising all mining activities in the country. This new body would replace the current Mining Advisory Committee. The National Assembly began discussing the Committee's report in October 2008, according to The Guardian. The Parliamentary Committee on Mining quickly requested that the government stop selling its shares in mining companies, stating that no mine should be wholly foreign-owned, and that government shares should be supervised by the State Mining Corporation (STAMICO).
Market Report, "Tanzania Mining Report Q4 2009", published
Market Report, "Tanzania Mining Report Q4 2009", published
2010-01-07 16:59:12 - New Materials research report from Business Monitor International is now available from Fast Market Research Major reforms to the legislation covering Tanzania's mining sector are expected in an amended Mining Act that should be tabled in parliament in April 2009, according to local newspaper The Guardian. A development that could have far-reaching implications for the country's mining sector, the momentum for reform has come from a presidential select committee on mining contracts that recommended in July 2008 that the government should own a 10% stake in all mining companies operating within the country. The Guardian reported the main findings of the Mining Contract Review Committee as follows: Mining royalties on metals should be increased to 5% from 3%; tax relief on fuel imports for gold mines should be stopped; royalties on rough diamonds and gemstones, such as tanzanite, should increase to 7% from 5%, while that for cut and polished stones should rise to 3% from zero; a fuel tax should be levied on mining companies with the money to be spent on road building; and royalties from the mining sector should be calculated on gross value, not net back value. The Guardian also reported that the government had lost around US$200mn due to tax exemptions granted to foreign companies. The 12-member presidential review committee, chaired by Judge Mark Bomani, began its assessment of Tanzania's mining sector in November 2007. It has also proposed the establishment of a Minerals Authority charged with the responsibility of supervising all mining activities in the country. This new body would replace the current Mining Advisory Committee. The National Assembly began discussing the Committee's report in October 2008, according to The Guardian. The Parliamentary Committee on Mining quickly requested that the government stop selling its shares in mining companies, stating that no mine should be wholly foreign-owned, and that government shares should be supervised by the State Mining Corporation (STAMICO).
Market Report, "Tanzania Mining Report Q4 2009", published