AngloGold in battle over Tanzanian agreements
Publish date: 17 July 2017
Issue Number: 734
Diary: IBA Legalbrief Africa
AngloGold Ashanti has announced its subsidiaries in Tanzania have initiated arbitration proceedings to protect their interests in case the government changes the terms of their long-standing agreement, says a Business Day report. Tanzania’s government recently passed three new laws to ensure the state earns a greater share of mining, oil and gas profits, after a dispute with London-listed Acacia Mining over gold sales. The new laws allow the government to renegotiate mine development agreements, take up to 16% free carried interest in all mining projects and raise royalties to 6% from 4%. It also wants to compel companies to do more local beneficiation.