JOHANNESBURG (miningweekly.com) – Gold miner Acacia Mining is reviewing the proposed legislative changes to the legal framework governing the natural resources sector in Tanzania.
This followed the recent publication of draft legislation, which is expected to be debated by the country’s Parliament in an extended Parliamentary session in due course.
Reuters on Thursday reported that the Tanzanian government had submitted three Bills to Parliament that would allow the government to force mining and energy companies to renegotiate contracts.
Acacia and the Tanzanian government have in recent weeks been in disagreement over taxes, with the government claiming that Acacia had underdeclared its revenues and tax payments. Acacia, however, denies this, stating that a Presidential committee had overstated the value of concentrates exported by Acacia.
“[Meanwhile], Parliament has approved the new Finance Act, which will impose a 1% clearing fee on the value of all minerals exported from the country from July 1, 2017,” the company said in an update to shareholders.
“Acacia will review the proposed changes in the context of our existing agreements and will provide further updates as appropriate,” it added.
Edited by: Creamer Media Reporter
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