Mr Noel Shiyo is an Advocate representing CBS, a Corporate Law Consultant firm operating out of Dar es Salaam. In the absence of an official Tanzanian government delegation, Mr Shiyo is attending the Investing in Africa Mining Indaba 2019 as a private representative of a range of Tanzanian Mining clients who want to attract international investors. “I’m here to help assist potential Investors to understand the new Regulatory Framework for the Extractive industries in Tanzania,” he says.
The county’s reputation as an unstable prospect for investors has until recently garnered generally negative publicity. This situation needs to change in the light of the new legislation, he elaborated. Among the new laws (which are being retrospectively applied to existing contracts), are The Natural Wealth and Resources (Permanent Sovereignty) Act of 2017. This sets out the legal terms of the State’s ownership of Tanzania’s mineral resources. A second is The Natural Wealth and Resources Contract (Review and Renegotiation of Unconscionable Terms ) Act. This piece of legislation grants the government powers to renegotiate contracts in a way that protects the interests of the Tanzanian state.
The aim of these new regulations, explains Mr Shiyo, is to address the challenges faced by the Tanzania mining industry and to create a stable and predictable environment that attracts investment. On the ambitious local content emphasis of the new framework, Mr Shiyo says they are intended to create value and sustainability in the supply chains of Tanzania’s extractive industries and to stimulate the Manufacturing and Export industries. He is positive that the new laws significantly ease the conditions of doing business in the mineral Sector.
Investors are highly encouraged to contact the TIC (Tanzania Investment Centre) and the EPZA (Economic Processing Zone Authority) for information and assistance with investment opportunities. The latter also assists companies to access land for operations.
Tanzania has vast untapped mineral resources that include metals (gold, iron ore, nickel, copper, cobalt, silver), industrial minerals (diamond, tanzanite, ruby, garnet, limestone, soda ash, gypsum, salt, phosphate, gravel, sand, dimension stones and lately graphite), and fuel minerals (coal, uranium). Investors and partners are sort in Equipment Supplies, Exploration and Mining Support Services, amongst others. For more information you can email Mr Shiyo at email@example.com or firstname.lastname@example.org.