- Tanzania has promised to have a new policy and legislation in place by mid-year to improve the country's earnings from its lucrative and expanding mining sector.
Energy and Mining minister William Ngeleja, told reporters today in Dar es Salaam, that the government was considering most of the recommendations made by the review committee on the Tanzania mining sector.
Tanzania's head of state, President Jakaya Kikwete last year set up a review committee, which recommended amongst others, an upward review of royalties and tax reforms to help boost mining revenues in the country.
The commission also recommended that government should take a stake in all mining operations as a way of guarding the country's interests.
According to Mr Ngeleja, government is considering most of the recommenedations and a law should be in place by June this year.
He however said, even with the envisaged changes, govenment will ensure that investors currently in the country are not affected much, saying the policy would strife for a win-win situation for both government and the investors.
Tanzania is currently rates Africa's third largest producer of Gold, while it also has sizeable investments in its Tanzanite stones and germ diamonds.
Mining revenues are said to have fetched over 50 percent of the country's collections last year, with critics saying the country could do much better with reforms in the sector.
The country is however also cautious that in introducing the new laws, existing investments which have been affected by the current global financial crisis will not be shaken further.
Some major improvements and investments in the mining sector are already said to have been suspended or held back while major companies revise their costs amidst the declining global demand of the precious metals and germ stones.
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