AngloGold comments on Tanzania’s new mining laws

AngloGold Ashanti recently announced that Tanzania Parliament enacted The Natural Wealth and Resources (Permanent Sovereignty) Bill 2017 and The Natural Wealth and Resources Contracts (Review and re-negotiation of unconscionable terms) Bill 2017 on 3 July 2017.

The bills, which were first tabled for comment on 29 June, will be sent to the Honourable President John PJ Magafuli for his assent. Once assented it will then be published in the Government Gazette so that the new laws may take effect.

Anglo
Image: AngloGold Ashanti

The new laws will affect AngloGold’s Geita mine in Tanzania. The mine is in north-western Tanzania, in the Lake Victoria goldfields of Mwanza Region, about 120km from Mwanza and 4km west of Geita.

AngloGold is also aware that the Written Laws (Miscellaneous Amendments) Bill 2017 has been tabled in Parliament and is currently under debate. The mining company plans to analyse the laws once they are passed and will provide updates in due course. This will be done in the context of the existing Mine Development Agreement. 

 

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