Tanzanian Parliament Enacts Resources Law Castigated by Industry [Bloomberg Business News]
AngloGold Ashanti PLC Ordinary Shares (AU)
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Source: Bloomberg Business News
Tanzania’s parliament enacted the third law this week to overhaul the country’s natural-resources industries, ignoring a lobby group’s warning that the legislation will inhibit investment. The Written Laws Act , was passed by lawmakers late on Tuesday, according to a statement posted on the chief government spokesman’s Twitter account. Its provisions include granting the government stakes of at least 16 percent in mining companies operating in the East African country, with the option to acquire up to 50 percent. “The nature, scale and manner of the recent changes have spooked the mining community and poses questions around the attractiveness of Tanzania’s business environment,” Rand Merchant Bank analyst Ronak Gopaldas said in an emailed response to questions. “With the relationship between the mining community and government already strained, the latest bills have fuelled uncertainty and added to a growing list of investor concerns.” Tanzanian President Joh
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