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 | 22 |



Tanzanian president splits energy and mining in ministry shake-up

  1. DAR ES SALAAM, Oct 7 (Reuters) - Tanzanian president John Magufuli split the energy and minerals ministry in two and appointed heads for the new ministries on Saturday, five months after sacking the p…
  2. {read by 114 people}


Tanzania: One Killed, Another Cheats Death Following Mine Accident in Geita

  1. Geita - A small-scale miner has been killed after he was trapped in a collapsed mine at Lwamgasa Village in Geita Rural District on Tuesday. The body of the victim was found Thursday following resc…
  2. {read by 96 people}


Tanzania to auction tanzanite from its source to curb smuggling

  1. Tanzania is expected to auction tanzanite in the mining site of Mererani on Saturday in efforts to sell the gemstones on its source to make the east African nation benefit from its natural resources. …
  2. {read by 103 people}


Two die in attack to Avocet Mining's convoy in Burkina Faso

  1. West Africa-focused Avocet Mining said Wednesday that two paramilitary police officers were killed and other two suffer injuries after unknown aggressors assaulted a convoy carrying fuel to its Inata …
  2. {read by 119 people}


Congo reinstates VAT on imports for mining companies

  1. KINSHASA, Aug 12 (Reuters) - Congo has reinstated a value added tax on mining company imports, the chamber of mines said on Saturday, part of what miners say is a deteriorating business climate in the…
  2. {read by 132 people}


Ghana's gold, diamond output to drop as govt curbs small-scale mining

  1. PANAJI, India, Aug 12 (Reuters) - Ghana's gold output is likely to drop sharply in 2017 because of curbs on the small-scale mining that lifted production last year but was causing damage to the enviro…
  2. {read by 205 people}



khjg