TANZANIAN PRESIDENT CALLS FOR REVENUE-SHARING TALKS ON MINING OF TANANITE, DIAMONDS

DARE-ES-SALAAM, Following the successful conclusion of negotiations between the government and Barrick Gold Corporation on sharing of revenues in the mining of gold in Tanzania, President John Magufuli has called for similar discussions in the mining of tanzanite and diamond, in order to create a win-win situation.

Make arrangements with the investors and commence the negotiations as soon as possible; the deliberations should be in the same spirit as for the ones on gold. The objective is to ensure that the natural resources benefit the people. Any investor who refuses to negotiate with the government should pack up and leave; the resources are rewards endowed to this country by God, and should thus benefit our people, Dr Magufuli said here Thursday.

Dr Magufuli was speaking at State House Dar-es-Salaam during a briefing on the outcomes of negotiations between the government and Toronto-based Barrick Gold, the world's largest gold mining company, focused on tax disputes between the two parties.

The negotiations came after the two presidential committees exposed anomalies in declarations of the quantity and value of copper concentrates produced by the company in this country.

After discussions which lasted about three months, Barrick Gold agreed to share profits accrued from the three mines its subsidiary operates in Tanzania on a 50-50 ratio and granting the State a 16 per cent stake in the venture.

The president was categorical that all investments in the mining of minerals and gemstones such as tanzanite and diamond ought to be engaged in the negotiations for a win-win situation; and should they refuse, they pack up and leave.

Negotiations are crucial to enable the country to reap its fair share of the resources bestowed on it; we have made successful discussions with Barrick Gold because we engaged them, he remarked.

The President congratulated the two teams of experts who were involved in the discussions for work well done, describing the task as an exemplary one.

Source: NAM NEWS NETWORK