Govt: Dangote, mining firms have 3 months to list on DSE

Source: TheCitizen

HakiMadini

Dodoma. The government has said 12 mining companies, including Dangote Industries Limited, must start processing of listing a minimum of 30 per cent of each company’s shareholding at the Dar es Salaam Stock Exchange by August this year.

Tabling the budget of the Energy and Minerals ministry yesterday, the minister of Industry, Trade and Investment, Mr Charles Mwijage, named other mining firms that should list at the DSE by August as Acacia’s owned Bulyanhulu and North Mara Gold Mine as well as Pangea Minerals Ltd.

Other firms, according to Mr Mwijage, are Geita Gold Mining Ltd, Stamigold Company Ltd, Williamson Diamonds Ltd, Mantra Tanzania Ltd and El-Hilal Minerals Ltd and yet other mining companies are Kiwira Coal Mines Ltd, Tanzania China International Mineral Resources Ltd and Uranex Tanzania Ltd.

Mr Mwijage tabled the Energy and Minerals ministry’s budget in Parliament yesterday on behalf of the minister responsible for it, the position that is still vacant after the resignation of Prof Sospeter Muhungo last week over the mineral concentrates issue. A committee of experts appointed by President John Magufuli had found out that Acacia had under declared the amount of minerals in the concentrates and President Magufuli had asked Prof Muhongo to take responsibility by resigning.

Yesterday, Mr Mwijage said the mining firms in question were to list at the DSE by August after regulations were revised in

February. In October 7, 2016, the government through the government Notice No 286 published the Mining (Minimum Shareholding and Public Offering) Regulations, 2016 that required mining companies holding special mining licences to list a minimum of 30 per cent of their shares to the DSE within two years for those firms that existed before the publishing of the regulations. Firms that would acquire the licences were to register at the DSE within one year of their existence, according to Mr Mwijage.

“But the government made some amendments and came up with the Mining (Minimum Shareholding and Public Offering) (Amendment) Regulations, 2016 that were published on February 24, 2017 by the GN No 44, requiring mining companies that were in existence at the publication of the regulations to list a minimum of 30 per cent of their shares at the DSE within six months after the publication of the new regulations,” Mr Mwijage said in his speech. He added: “The amended regulations require those mining firms that will come into existence after the publication of the regulations to list at the DSE immediately.”

The listing of mining companies is a requirement of the Mining Act, 2010. “This is an opportunity and I would advise Tanzanians to wake up and buy shares in those companies once they start selling shares to have ownership of the mining resources,” said Mr Mwijage.

Meanwhile, even as Mr Mwijage was tightening the noose on mining firms in Parliament President Magufuli for his part wanted the Tanzania Communication Regulatory Authority to deregister any telecommunication companies that had not listed at the

DSE in accordance with the law instead of penalising them. He said this when he was officiating at the launching of the Electronic Revenue Collection System (ERCS) to improve tax collection.

 

| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 |



Small-scale mining: Tales from the field

  1. It's an hour's drive from Katoro Town to Kihesa mining camp at Lwamgasa Village in Geita District. Upon reaching the site, you are met with an environment that has almost been torn part. Hundreds …
  2. {read by 127 people}


Mercury: Slow killer in Uganda's gold mines

  1. Inside one of the dozens of gold camps that dot the foothills and valleys of Mubende in central Uganda, the hustle and bustle is astounding. 'Saigon City" nestled in the valley of Kayonza; Kitumbi …
  2. {read by 174 people}


East Africa leads efforts to cut use of mercury in mining

  1. East Africa is driving a global initiative to phase out the use of mercury in mining, as it is harmful to human health and the environment. Kenya, Uganda, Tanzania, Ethiopia and Burundi have announ…
  2. {read by 150 people}


Tanzania passes laws on renegotiation of mining, gas contracts

  1. Tanzania's parliament passed two laws on Monday allowing the government to force mining and energy companies to renegotiate their contracts, despite pleas from the mining association for more time…
  2. {read by 188 people}


Tanzania's president suspends granting of mining licenses

  1. The Tanzanian president has ordered the mining ministry to suspend the granting of new licenses, a statement from State House said on Tuesday, the latest twist in an ongoing row between the government…
  2. {read by 249 people}


Kenya's economy suffers due to mercury pollution

  1. Mining communities in Kenya lose between Sh174 and Sh342 billion in earning potential every year due to mercury contamination, according to a new study published in The Journal of Environmental Manage…
  2. {read by 195 people}



khjg