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- Aug 2, 2010
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Tanzania Daily News (Dar es Salaam)
AFRICAN Barrick Gold (ABG) is set to open another gold mine in Sengerema district, Mwanza region in which the government will have free carried interests in line with the Mining Act of 2010, Energy and Minerals Minister William Ngeleja announced in Dar es Salaam on Thursday.
The free-carried interest (a share that a general partner receives as compensation, despite not contributing any initial funds) will enable us to get dividends and have representation in the board of directors," Mr Ngeleja said. The minister made the remarks during an occasion to unveil the Mining Advisory Board (MAB) in Dar es Salaam on Thursday.
The formation of the ten-member board is in line with the requirements of the Mining Act of 2010. It will be charged with advising the government on all matters related to the mining sector. ABG announced mid this week that gold deposits at the envisaged gold mine, to be dubbed Nyanzaga Project, are in excess of four million ounces.
"This continues to increase our confidence that the Nyanzaga project, which comprises the Tusker and Kilimani mineralized zones, has the potential to become our next mine in Tanzania," a statement by the mining conglomerate said.
The Canadian-based company already has four mining operations in the country namely Buzwagi, Tulawaka, Bulyanhulu and North Mara. Minister Ngeleja was however not in a position to state the percentage of shares that the government will have in the new gold project.
At present, the government controls 45 per cent stake in Buckreef Gold Mine in Geita through the State Mining Corporation (STAMICO) as well as 20 and 30 per cent in Mchuchuma/Liganga and Ngaka iron and coal mines respectively through the National Development Corporation.
Addressing the new members of the Mining Advisory Board and other delegates earlier, Mr Ngeleja said four mining companies; TanzaniteOne, Resolute, Geita Gold Mine and Tulawaka have started paying 30 per cent of corporate tax as required by the law.
"Apart from the corporate tax, mining companies are obliged to pay skills development levy, withholding tax, excise duty in addition to stamp duty and Pay As You Earn (PAYE) and other levies paid to local government authorities where they operate," the minister explained.
He decried what he described as fallacy by some sections of the public that the mining sector has had no contribution in the economy, stating that despite a number of challenges in the sector, it has played a vital role to boost the economy. "The sector has enabled the government to earn increased foreign exchange and employment opportunities. Available statistics indicate that the sector accounts for about 52 per cent of total exports and that it employs about 15,000 people," he explained.
6 MAY 2012
AFRICAN Barrick Gold (ABG) is set to open another gold mine in Sengerema district, Mwanza region in which the government will have free carried interests in line with the Mining Act of 2010, Energy and Minerals Minister William Ngeleja announced in Dar es Salaam on Thursday.
The free-carried interest (a share that a general partner receives as compensation, despite not contributing any initial funds) will enable us to get dividends and have representation in the board of directors," Mr Ngeleja said. The minister made the remarks during an occasion to unveil the Mining Advisory Board (MAB) in Dar es Salaam on Thursday.
The formation of the ten-member board is in line with the requirements of the Mining Act of 2010. It will be charged with advising the government on all matters related to the mining sector. ABG announced mid this week that gold deposits at the envisaged gold mine, to be dubbed Nyanzaga Project, are in excess of four million ounces.
"This continues to increase our confidence that the Nyanzaga project, which comprises the Tusker and Kilimani mineralized zones, has the potential to become our next mine in Tanzania," a statement by the mining conglomerate said.
The Canadian-based company already has four mining operations in the country namely Buzwagi, Tulawaka, Bulyanhulu and North Mara. Minister Ngeleja was however not in a position to state the percentage of shares that the government will have in the new gold project.
At present, the government controls 45 per cent stake in Buckreef Gold Mine in Geita through the State Mining Corporation (STAMICO) as well as 20 and 30 per cent in Mchuchuma/Liganga and Ngaka iron and coal mines respectively through the National Development Corporation.
Addressing the new members of the Mining Advisory Board and other delegates earlier, Mr Ngeleja said four mining companies; TanzaniteOne, Resolute, Geita Gold Mine and Tulawaka have started paying 30 per cent of corporate tax as required by the law.
"Apart from the corporate tax, mining companies are obliged to pay skills development levy, withholding tax, excise duty in addition to stamp duty and Pay As You Earn (PAYE) and other levies paid to local government authorities where they operate," the minister explained.
He decried what he described as fallacy by some sections of the public that the mining sector has had no contribution in the economy, stating that despite a number of challenges in the sector, it has played a vital role to boost the economy. "The sector has enabled the government to earn increased foreign exchange and employment opportunities. Available statistics indicate that the sector accounts for about 52 per cent of total exports and that it employs about 15,000 people," he explained.
