Tanzania Passes Laws Enabling Renegotiation of Mining Deals

Bloomberg’s Omar Mohammed reports that Tanzania approved two laws that enable the government to renegotiate contracts with mining and energy companies as the state seeks a greater share of revenue from natural resources.

The bills, which deal with state sovereignty over mineral wealth and contracts containing “unconscionable terms,” were approved by parliament on Monday, lawmaker Peter Kafumu said in a text message. The Tanzania Chamber of Minerals and Energy, the main industry lobby group that has opposed the new laws, said the implications of the bills are “vast.”

READ MORE: https://www.bloomberg.com/news/articles/2017-07-04/tanzania-lawmakers-back-bills-enabling-state-to-scrap-mine-deals