Bloomberg News

Mozambique Sets Up Inter-Ministry Team on Mining-Tax Proposals

April 03, 2012

Mozambique set up a team of officials from the finance and mineral resources ministries to propose how to calculate taxes on gains on the sale of shares or companies, national mines director Eduardo Alexandre said.

“We started on the exercise two months ago,” Alexandre said by phone from the capital, Maputo. “We have to finish it as soon as possible and incorporate it into the revised mining law, which is currently under debate.”

The proposal will establish guidelines on how much a company pays to the nation’s government when it sells shares or the whole company, he said, declining to say when the proposal would be ready.

Mozambique is home, along with Tanzania and Kenya, to the biggest natural-gas discoveries in a decade. It's reviewing petroleum and mining laws as it looks to benefit from higher commodity prices. Eni SpA (ENI) and Anadarko Petroleum Corp. (APC:US) found gas under the ocean off Mozambique, while Vale SA, the largest iron-ore exporter, and Rio Tinto Plc (RIO) have coal assets there.

To contact the reporter on this story: Fred Katerere in Maputo at fkaterere@bloomberg.net

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


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Companies Mentioned

  • APC
    (Anadarko Petroleum Corp)
    • $84.86 USD
    • 3.85
    • 4.54%
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