Tanzania | - Part 4

World’s Biggest Mobile Carriers Defeated as Africa Promise Fades

LAGOS (Capital Markets in Africa) – Back when African countries were auctioning off mobile licenses by the boatload to serve the region’s young, tech-savvy population, investing in the continent’s fast-growing economies seemed like a no-brainer. Some of the world’s biggest wireless carriers rushed in. Now they’re wondering if they made a mistake. Increasing government and regulatory scrutiny, as well as a lack of expansion opportunities in sub-Saharan Africa, are making it harder for operators such…

Tanzania Passes Laws Enabling Renegotiation of Mining Deals

Posted on by The Editorial Team

DAR ES SALAAM (Capital Markets in Africa) – 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 3rd July 2017. The Tanzania Chamber of Minerals and Energy (TCME), the main industry lobby group that has…

Tanzania Says Barrick Agrees to Pay Money Owed to Government

Posted on by The Editorial Team

DAR ES SALAAM (Capital Markets in Africa) – Tanzania’s presidency said Barrick Gold Corp. is willing to reimburse money that’s owed to the government, after President John Magufuli accused subsidiary Acacia Mining Plc of failing to pay billions of dollars of taxes. Acacia surged as much as 11 percent. Barrick Executive Chairman John Thornton met Magufuli for talks in the commercial capital, Dar es Salaam, on Wednesday, the presidency said in an emailed statement. Barrick confirmed the meeting…

Tanzanian Government Accuses Acacia of Mining Gold Illegally

Posted on by The Editorial Team

DAR ES SALAAM (Capital Markets in Africa) – Tanzania’s government accused Acacia Mining Plc of operating illegally in the East African country and said mining companies have been evading taxes. Acacia’s shares slumped. An audit ordered by President John Magufuli in March found that Acacia had been conducting business in Tanzania “contrary to the law,” Nehemiah Osoro, chairman of a committee of academics, lawyers and economists that conducted the probe, said at a briefing Tuesday in the…

Tanzania’s economic growth slowed by policy uncertainty, credit squeeze

Posted on by The Editorial Team

DAR ES SALAAM (Reuters) – Uncertainty over government policies and a slowdown in the private sector cut Tanzania’s gross domestic product growth to an estimated 6.9 percent in 2016 from 7.2 percent the previous year, the World Bank said on Tuesday. Growth is still supported by substantial government investment in infrastructure, including a standard gauge railway, new roads and expanding the ports. But investors have been unnerved by unpredictable policies from the government of President…

World Bank-Funded $340m Rusumo Power Plant Construction to Begin

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Facility at Rusumo Falls will take 3 years to complete, provide 80 MW for Burundi, Rwanda and Tanzania, according to World Bank statement. Plant will be managed by Rusumo Power Company, a utility jointly owned by the three nations African Development Bank is financing a further $121m for transmission lines that will connect power plant to national grids JV between Chinese companies CGCOC Group and Jiangxi Water & Hydropower…

Tanzania gets $2.4 bln infrastructure projects loan from World Bank

Posted on by The Editorial Team

DAR AS SALAAM (Capital Markets in Africa) – The World Bank will lend Tanzania $2.4 billion over the next three years to finance infrastructure projects, the bank’s president Jim Yong Kim said on Monday. Tanzania is seeking to finance for infrastructure projects as part of its plans to transforming the country into a regional transport and trade hub. “Tanzania will be able to access an estimated $2.4 billion in concessional financing, an increase of half a…

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