Bloomberg News

Tanzania Says Miners Agree to Pay Higher Royalty Rate

October 19, 2011

(Update with minister’s comment in second paragraph.)

Oct. 19 (Bloomberg)-- Tanzania said mining companies operating in the East African country agreed to pay a higher royalty rate of 4 percent compared with 3 percent.

“We have basically reached an agreement with the mining companies on the matter,” William Ngeleja, the minister of energy and minerals, told reporters today in the northern city of Arusha.

The new royalty rate that will apply to miners of gold, copper, silver and platinum will be imposed this year, the minister said.

“The Ministry of Finance and Tanzania Revenue Authority are working on the technicalities now,” Ngeleja said. “We are in the process of implementing reforms in the Mining Act 2010.”

--Editors: Stephen Cunningham, Alex Devine.

To contact the reporter on this story: David Malingha Doya in Dar es Salaam at dmalingha@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net


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