Browsing: Extractives in Tanzania

Tanzania’s natural gas prices are set to be reviewed by the Ministry of Energy as the sector undergoes a major face-lift to improve taxation and revenue collectiong.

Under the leadership of President John Pombe Magufuli, Tanzania’s extractives sector has been undergoing a major overhaul to improve taxation and revenue collection within contractual agreements concomitant to the resources extracted from the country.  These are measures necessary for a Tanzanian oil and gas success story.

According to Tanzania Petroleum Development Corporation (TPDC), natural gas exploration has been carried out since the 1950s, but it was in 1974 that gas discovery was made in Songo Songo Island.

The discovery made Tanzania known globally as a natural gas-rich nation in the region, which in return sparked interest for the nation to take its first steps to formalize the industry, including the birth of TPDC in 1973 and the enactment of the Petroleum (Exploration and …

The extractive industry in Tanzania is prone to substantial operational and management changes.

Since President John Magufuli took leadership, several mining sector advancements have been made in the course of 3 years, proving billions in return at a rather intriguing socio-political cost.

The latter can be reflected, in a recent development ushered by Ministry of Mining (on September 19^th 2019) directing all gold produced from Biharamulo gold mine, operated by STAMIGOLD company a subsidiary of the State Mining Cooperation (STAMICO), to be sold within Tanzania, primarily in the newly established Biharamulo gold market, by December 2019.

During the first quarter in 2019, the mining sector saw a 10 per cent growth, which was attributed by increased gold production.

However, the mining industry contributed over 5.07 per cent to Gross Domestic Product (GDP) by 2018, this being a significant increment attributed by the ongoing reformation in the sector, compelling wider …