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Africa Extractive Industry: Tanzania passes laws on renegotiation of mining and gas contracts
Tanzania’s parliament passed two laws on Monday allowing the government to force mining and energy companies to renegotiate their contracts, despite pleas from the mining association for more time.
Businesses have complained that they feel President John Magufuli is unfairly squeezing them through a strict interpretation of tax laws, increased fines and demands they rapidly list on the local stock markets.
Magufuli has said the reforms will increase transparency and revenues.
There are three bills in total covering natural resources contracts, sovereignty and amendments to existing laws and they ould allow the government to renegotiate or dissolve contracts.(source: Reuters)