Tanzania Reviews Mining Policy to Raise Custom Duties

The Tanzanian government is currently reviewing the mining policy with an aim to get more benefits from the resources, the local newspaper Daily News reported on Tuesday.

The aspects of the Minerals Act to be reviewed includes provisions on customs duty paid by mining firms, Deputy Minister for Finance and Economic Affairs Omar Yusuf Mzee was quoted as saying on Monday in Dodoma.

He noted that the government asked low custom duties from mining companies as an incentive on grounds that investment in the industry was capital intensive. The new mining bill is expected to be brought to the Parliament in October.

The commission to revisit mining contracts in the country was formed by President Jakaya Kikwete in 2007 to establish modalities of maximizing mining proceeds and reviewing how things were operating.

International firms operating in Tanzania's mining sector include Canada's Barrick, Resolute Mining of Australia and AngloGold Ashanti of South Africa, according to local media.