July 4, 2017 / 7:08 PM / 2 years ago

New Tanzania law requires government to have shares in mining firms

DAR ES SALAAM (Reuters) - Tanzania’s parliament amended mining and tax laws late on Wednesday to make it mandatory for the government to own at least a 16 percent stake in mining projects, the state-run Tanzania Information Services said.

“In any mining operations under a mining license or a special mining license, the government shall have not less than 16 (percent) non-dilutable free-carried interest shares in the capital of a mining company,” read the text of the new law.

reporting by Fumbuka Ng'wanakilala; writing by Katharine Houreld; editing by Mark Heinrich

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