Operating in Tanzania
Tanzania is one of Africa’s latest mining success stories, endowed with geology which is highly prospective for gold and other minerals and offers a relatively stable political environment with sound legal and fiscal policies. Tanzoz Minerals Ltd has been a relatively early mover in Tanzania and secured a large footprint of Prospecting licences and applications across known highly prospective mineralization belts of Tanzania.
Tanzania has become one of the fastest-emerging gold producers in Africa and is Africa’s third-largest gold-producing country after South Africa and Ghana, resulting in professional laboratory facilities, skilled resources of geologists, land surveyors and drillers and good logistical support. In 2009, Tanzania’s estimated gold production was 2 million ounces.
The government’s policy for the mineral sector development aims at attracting and enabling the private sector to take the lead in exploration, mining development, mineral beneficiation and marketing. As it moves towards opening up the economy, the government in June 1990 passed the National Investment Act to create a friendly environment for investors. The Act also made specific fiscal adjustments that now make Tanzania a globally competitive country for mining investment. The thrust of the country’s new policies emphasises the importance of the private sector. Foreign and local investors including investors in mining are protected against expropriation and nationalisation and there is no restriction on repatriation of profits. Property guarantees are provided under the Multilateral Investment Guarantee Agency (MIGA) of which Tanzania is a member.
Tanzania has a multi-party democracy borne from the original British colonials. As such English is the second language after Swahili. There is no restriction on repatriation of profits, generous capital depreciation schedules and excellent tax exemptions. There is also protection against nationalism and expropriation.
Tanzoz has built up a very extensive network of relationships with many key stakeholders in the mining industry and within the Ministry of Minerals & Energy of Tanzania.