Tanzania's parliament has passed a new mining law that increases the rate of royalty paid on minerals like gold from 3 percent to 4 percent and requires the government to own a stake in future mining projects, Reutres reported. Tanzania is Africa's third largest gold producer, but also has reserves of uranium, nickel and coal. Gold exports alone earned it $1.076 billion in 2009, up from $932.4 million the previous year. The Mining Act 2010 passed late on Friday also requires mining companies to list on the Dar es Salaam Stock Exchange. As part of the new legislation, Tanzania will not issue new gemstone mining licences to foreign companies. Current agreements with foreign mining companies remain unchanged. "This bill makes comprehensive provision for prospecting for minerals, mining, processing and dealing in minerals, for the granting, renewal and termination of mineral rights, for payment of royalties, fees and other charges and for any other relevant matters," said part of the legislation. -- SPA
