Nipate
Forum => Kenya Discussion => Topic started by: RVtitem on June 12, 2017, 01:12:41 PM
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The question of how much gold mining firms are taking out of Tanzania, and whether the country is getting its fair share of revenues, continues to draw divided opinion. This after a committee appointed by President John Magufuli released a report with shocking findings.
Critics of the mining firms found that the actual quantities of gold in gold-copper concentrate impounded in Dar es Salaam were way more than the declared figures. This puts emphasis on their long-held view that the firms are plundering the country’s vast mineral resources, thanks to contracts that were signed during the second, third and fourth regimes.
www.miningne.ws/2017/06/06/just-how-much-gold-does-tanzan
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He is scarring investors with his roadside policy decisions; I doubt we will see much FDI flowing there with his unpredictable on-man show.
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He is scarring investors with his roadside policy decisions; I doubt we will see much FDI flowing there with his unpredictable on-man show.
You are always pro big business (so-called "FDI"), even when the said businesses exploit our Africans.
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Magufuli's ideas are spot on. His implementation is off. He can achieve the same things in a more measured manner. He can empower courts(and other institutions) for instance, instead of solving everything with edicts.
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Magufuli's ideas are spot on. His implementation is off. He can achieve the same things in a more measured manner. He can empower courts(and other institutions) for instance, instead of solving everything with edicts.
Magufuli is doing the right thing in my opinion. Mineral cartels aren't easy to beat and its more reasonable if the president takes control and act as fugurehead sending right signal that vice is not tolerated. He also mention of well educated people who have sabotaged the system for individual gain.
Along his speach, he has instructed relevant professionals to make laws to make it hard for thieves to steal mineral resources.
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Corporate theft is the worst. That is why the Trumps love hit. History shows that those who prospered the most used corporations to steal. Remember Biwott???
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Magufuli: Barrick ready to pay what it owes Tanzania
Dar es Salaam. President John Magufuli has met with Prof John Thornton, Chairman of Barrick Gold Canada, parent company of Acacia Mining to discuss the mineral sand saga at the State House on Wednesday.
The new development comes after Dr Magufuli received two reports on the exportation of mineral concentrates abroad for smelting. The first committee probed at the technical aspects of the concentrate and the second committee examined at the economic and legal frameworks around the export. Both reports damned Accacia for foul play and suggested that Tanzania has lost over Sh100 trillion since it started exporting concentrates in late 1990s.
www.thecitizen.co.tz/News/Magufuli--Barrick-ready-to-pay-what-it-owes-Tanzania-/1840340-3970276-xaonelz/index.html
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Institutions are the long term answer but history tells us that you also need strong and committed leaders to get them going.
The question of how much gold mining firms are taking out of Tanzania, and whether the country is getting its fair share of revenues, continues to draw divided opinion. This after a committee appointed by President John Magufuli released a report with shocking findings.
Critics of the mining firms found that the actual quantities of gold in gold-copper concentrate impounded in Dar es Salaam were way more than the declared figures. This puts emphasis on their long-held view that the firms are plundering the country’s vast mineral resources, thanks to contracts that were signed during the second, third and fourth regimes.
www.miningne.ws/2017/06/06/just-how-much-gold-does-tanzan
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Magufuli orders seizure and reallocation of undeveloped farms
http://www.nation.co.ke/business/JPM-directs-RCs-to-confiscate-undeveloped-farms/996-3969634-6wy016z/index.html
Tanzania shuts down newspaper for two years over articles on mining row
http://www.reuters.com/article/tanzania-media-idUSL8N1JC51L
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Unhinged dictator create an environment of fear and instability.
Magufuli orders seizure and reallocation of undeveloped farms
http://www.nation.co.ke/business/JPM-directs-RCs-to-confiscate-undeveloped-farms/996-3969634-6wy016z/index.html
Tanzania shuts down newspaper for two years over articles on mining row
http://www.reuters.com/article/tanzania-media-idUSL8N1JC51L
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DAR ES SALAAM, July 21 (Reuters) - Tanzania's President John Magufuli has threatened to shut all gold mines in the country if mining companies delay talks to resolve a dispute over billions of dollars in back taxes the government says they owe.
Magufuli, nicknamed "the Bulldozer" for his forceful leadership style, is increasing pressure on the mining companies, which include Acacia Mining, the biggest gold miner in the country.
"I have launched an economic war," Magufuli told a cheering crowd at a public rally in the northwestern town of Kigoma.
"We have asked them to come for talks ... they have agreed to come. But if they delay those talks, I will close down all the mines," Magufuli told the crowd.
http://www.reuters.com/article/tanzania-mining-idUSL5N1KC44O
Tanzania tells foreign Acacia Mining staff to leave
Tanzania has asked foreign employees of London-listed Acacia Mining to leave the country in an escalation of a dispute that began in 2016 over allegations of tax evasion, a source with knowledge of the matter said on Friday.
Two senior local staff of the mining firm, Tanzania's largest foreign investor, were detained and interrogated at an airport this week, two sources with knowledge of the matter said. One of the sources said the arrests were related to the dispute.
The company said it was having trouble renewing work permits for foreign staff.
But Chief Executive Brad Gordon denied a Reuters report that foreign staff were asked to leave by the government due to the dispute over mining licences and accusations of tax evasion.
He said its local employees had been interviewed by Tanzanian "government agencies" but did not confirm detentions.
"We were having difficulty getting work permits renewed. But no foreign nationals have been asked to leave the country. So there may be some confusion in that. That’s a normal part of business," Gordon told Reuters.
Tanzania passed two laws this month forcing companies to re-negotiate their contracts as Magufuli pushes through reforms he says will distribute revenue to his people.
http://www.the-star.co.ke/news/2017/07/21/tanzania-tells-foreign-acacia-mining-staff-to-leave-source_c1601769
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Stop acting as if you care about such issues. If Ouru did the same thing you would find a way to spin it positively or even as wonderful. You have lost credibility on such issue. The only reason why you are obsessed with Mgufuli is because of his friendship to Raila.
Unhinged dictator create an environment of fear and instability.
Magufuli orders seizure and reallocation of undeveloped farms
http://www.nation.co.ke/business/JPM-directs-RCs-to-confiscate-undeveloped-farms/996-3969634-6wy016z/index.html
Tanzania shuts down newspaper for two years over articles on mining row
http://www.reuters.com/article/tanzania-media-idUSL8N1JC51L
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Tanzania Hands Mining Company $190 Billion Tax Bill
Tanzania just hit Acacia Mining Plc with a tax bill equal to almost two centuries worth of the gold producer’s revenue.
The government issued the company, which mines all of its gold in the African country, with a $40 billion tax bill and another $150 billion in interest and penalties, Acacia said in a statement Monday. The charge covers alleged under-declared export revenues from the Bulyanhulu and Buzwagi mines over periods between 2000 and 2017.
Acacia reiterated that it has fully declared all revenues. The stock extended a slump after the statement, closing down 21 percent in London to the lowest since January 2016.
https://www.bloomberg.com/news/articles/2017-07-24/acacia-gets-190-billion-tax-bill-it-would-take-centuries-to-pay
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Magufuli kweli. Eti how many billion dollars.
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Tanzania should auction Acacia thugs assets to repay part of the stolen money.
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Tanzania Hands Mining Company $190 Billion Tax Bill
Tanzania just hit Acacia Mining Plc with a tax bill equal to almost two centuries worth of the gold producer’s revenue.
The government issued the company, which mines all of its gold in the African country, with a $40 billion tax bill and another $150 billion in interest and penalties, Acacia said in a statement Monday. The charge covers alleged under-declared export revenues from the Bulyanhulu and Buzwagi mines over periods between 2000 and 2017.
Acacia reiterated that it has fully declared all revenues. The stock extended a slump after the statement, closing down 21 percent in London to the lowest since January 2016.
https://www.bloomberg.com/news/articles/2017-07-24/acacia-gets-190-billion-tax-bill-it-would-take-centuries-to-pay
A country of $47B GDP demands $190B?
The company's spin
http://www.acaciamining.com/export-ban-facts.aspx
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that is what you do to fools like this? I hope UK will charge the company executives criminally. Kikwete seems to have been very inept. Pretty boy ala kalonzo but no balls to reign in corruption
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This is absolutely madness that will see foreign companies exiting TZ. You cannot do business in a country led by erratic dictator who doesn't have common sense. This tops up Nigeria fine to MTN of some billion dollars. Like seriously?
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Is all the gold in TZ worth 190 billion USD? I understand the need to protect TZ from exploitation. But he should be pragmatic about what he can get from these guys.
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Magufuli needs to be realistic otherwise lotsa people will be unemployed. Yes there is corruption but deal with it realistically not being paranoid about it.
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Better yet build institutions - no company want to invest million of dollars - and all that investment be a whims of the president. TZ will see net outflows of FDI. Then he will try to block the money leaving. Kenya should be ready to welcome investors like Acacia.
Magufuli needs to be realistic otherwise lotsa people will be unemployed. Yes there is corruption but deal with it realistically not being paranoid about it.
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I think Acacia used to ship containers filled with soil/rock. These materials shipped out contained not only gold but also many other minerals. Acacia used to under declare or not report the other minerals apart from gold.
Now I do not see any reason why Tanzania isn't justified to penalize such a company. The law should apply in all cases regardless of the magnitude of penalty or the color of people involved.
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I agree a stable legal system is well established as key building block of the economy - especially for FDI. A government must balance many factors - not just literal 'justice' like RVtitem is to imply. A big enough FDI can balance out taxes in collateral benefits - jobs, support industry, infrastructure, etc. Magufuli needs to listen to his advisors. He seems more like Miguna right now.
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Is all the gold in TZ worth 190 billion USD? I understand the need to protect TZ from exploitation. But he should be pragmatic about what he can get from these guys.
If it helps, the fine is $40B, $150B are penalties.
What's shocking is the basis; TZ lab retested the mines and concluded the deposits or concentrate are way too high and were understated. But shouldn't this be a clear cut issue if appointing an independent lab to confirm them?
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Tanzania, gold giant Barrick start discussions over tax row
The Tanzanian government has started talks with Barrick Gold Corporation, the majority shareholder in Acacia Mining, to resolve a tax dispute and a ban on export of metallic mineral concentrates.
The government team is led by Constitutional and Legal Affairs Minister Prof Palamagamba Kabudi while Barrick’s team is led by its chief executive officer Richard Williams.
http://www.theeastafrican.co.ke/news/Tanzania-Barrick-gold-start-discussions-over-tax/2558-4039664-srwuis/index.html
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https://mobile.nytimes.com/reuters/2017/10/19/business/19reuters-barrick-gold-tanzania.html?referer=https://www.google.com/search?q=barrrick+tanzania
DAR ES SALAAM — Barrick Gold will give Tanzania a 16 percent stake in three gold mines, a 50 percent share of revenues from those mines and a one-off payment of $300 million (£227.8 million) to resolve a dispute that has hit its operations in the country, the two sides said.
The Canadian miner and the Tanzanian government have been in talks for months after the east African country banned the export of unprocessed minerals and enacted laws to raise state ownership of the nation's mines.
The agreement announced on Thursday comes after the new laws and a crackdown on mining firms slowed fresh investment in what has long been seen as one of Africa's brightest mining prospects.
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