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Tanzanian Parliament Enacts Resources Law Castigated by Industry
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.
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