Tanzania Tables Bills to Allow State Renegotiate Mining Deals...

Tanzania Tables Bills to Allow State Renegotiate Mining Deals
2017-06-29 13:18:24.795 GMT


-- Draft legislation gives govt powers of “re- negotiation of arrangements and agreements, rectification and expunge of unconscionable terms and powers to make regulations,” according to preliminary laws on parliament’s website.

* Act aims to institute “prohibition of proceedings in
foreign courts” and gives parliament authority to review
contracts and provide minister responsible for
constitutional affairs the authority to make regulations
* The Natural Wealth and Resources (Permanent Sovereignty) Act
“seeks to ensure that any measure taken in investments in
natural and strategic resources must be based on the
recognition” that the country can dispose off its natural
wealth and resources freely in accordance with its “natural
interests”
* The Natural Wealth and Resources (Review and Re-Negotiation
of Unconscionable Terms) provides a framework for
“initiation of re-negotiation of unconscionable terms and
provides a yardstick for unconstitutionality”
* A third bill seeks to amend the Mining and Petroleum Act to
assert “ownership over all minerals, petrol and natural
gas” to the trust of the President of the United Republic
* Amendments will enable president to declare “minerals
controlled areas for purposes of enhancing control and
security in all mining areas”
* President will establish Mining Commission to regulate
mining sub-sector and eliminate provisions that empower the
Minister for Minerals to enter into mining development
agreements and to review discretionary powers given to
minister and Commissioner for Minerals