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Wednesday, September 10, 2014
Operators in Tanzania who have been waiting for the Tanzania Revenue Authority (TRA) to review their contracts just received a break; the TRA has decided to cancel the review.
The TRA revealed previously that it was looking for technical assistance to renegotiate mining development agreements (MSAs) and energy production sharing agreements (PSAs). At the time the TRA announced the review it said the main objective of the contract review was “to secure for the country an enhanced and fair share from the extraction of non-renewable natural resource.”
The Energy and Minerals Ministry was already in talks with miners to alter deals to give the government more revenue, the TRA said any work by them would just be duplicating the work by the ministry.
Tanzania has been pushing for a larger share of the take and toward that end companies, whether mining or energy, have faced more regulatory pressure. Ami Mpungwe, chairman of the Tanzania Chamber of Minerals and Energy, said in a Reuters report that the pressure felt by companies was taking its toll on the industries and investment. “As a result of sustained policy, legal, fiscal and regulatory uncertainties and unpredictability, exploration activities and expenditure have significantly scaled down and the mining industry is on the decline,” he was cited as saying.
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