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new proposal looks negative for BKT because BKT was hoping to...

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ddzx

28,706 Posts.

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03/07/17

16:29

Post #: 25635669
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Originally posted by ddzx ↑

the above said, maybe i should change my short term view although i believe common sense will prevail

examining the new proposals, it appears:

1. free-carried interest of 16% (which looks high although other countries have had 15%. 12% is more reasonable)

2. provisions for tax-evasion. govt will acquire up to 50% of the mine if the miner engages in tax evasion

old Act:

10.-(1) The Minister may, on behalf of the United Republic and subject to subsection (3), enter into a development agreement, not inconsistent with this Act, with the holder of, or an applicant for, a mineral rights for which he is the licensing authority relating to the grant of such a mineral right or mineral rights, the conduct of mining operations under a special mining licence the grant of the Government free carried interest and State participation in mining, and the financing of any mining operations under a special mining licence. (2) The level of free carried interest and State participation in any mining operations under a special mining licence shall be negotiated upon between the Government and a mineral rights holder depending on the type of minerals and the level of investment. (3) The Minister shall not enter into a development agreement under subsection (1) if- (a) the capital expenditure of establishing a mining operations within the special mining area which is subject for the intended development agreement is below one hundred million United States Dollars or its equivalent in any convertible currencies;

https://mem.go.tz/wp-content/uploads/2014/02/0013_11032013_Mining_Act_2010.pdf

new proposals for discussion

http://parliament.go.tz/polis/uploads/bills/1498723111-EXTRACTIVE INDUSTRY AND FINANCIAL LAWS-4.pdf

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new proposal looks negative for BKT because BKT was hoping to avoid the free-carried govt interest by building a mine for less than $100M

now, it appears all new mines have to give the govt a free-carried interest

.............

BKT Price at posting: 5.6¢ Sentiment: None Disclosure: Held
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