Tanzania Starts To Earn From New Mining Royalty Rates – Report

By International Business Times,  June 04, 2012, 04:40:23 AM EDT

Tanzania has started to earn from the royalty rates under its new Mining Act in 2010, The Citizen newspaper reported.

The paper reported that big gold mining firms present in Tanzania, including Geita Gold Mines, African Barrick Gold ( ABG ) Limited and Resolute Gold Mines Ltd, after a series of negotiations with the government, have started abiding with the new mining law.

The new Mining Act in 2010 stipulated that royalty rates for gold and uranium be increased across the board with calculations based on gross profits rather than the previous which was built on net values.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: ABG



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