Two firms sign mining deal

Rio Tinto, Chinalco and the International Finance Corporation sign a $20bn deal to develop Guinea's iron ore deposits.

With the signing of the memorandum of understanding between the government and three oil companies, Uganda could benefit from investments worth $20 billion.

>While African mining firms continue to enjoy the fruits of the commodities super-cycle, weaknesses in South Africa’s crisis-hit sector is attracting the attention of bargain hunting investors.

>The government has decided to take over four private mining firms and place them under the charge of the State Mining Corporation Stamico).

Gold mining companies will now pay four per cent of their profit to the government as service levy compared to the 3 per cent they were previously paying following an amendment of the Mining Development Agreements (MDAs) it signed with mining firms in 1999.

As Tanzanians wait for the 2014/15 national budget with bated breath, a new report shows that the government loses about $248 million (Sh415 billion) annually in tax revenue through misinvoicing by mining companies alone.

More than 400 mining companies dodged to pay $10.2 million (Sh19 billion) prospecting licence fees for two years.

 The National Housing Corporation(NHC) Director General Nehemiah Mchechu and a representative of China Poly Technologies Inc. Sign a Memorandum of Understanding for investment of USD 200 Million to Valhalla Project located at Masaki in Dar es Salaam. 
The Signing ceremony took place during the 3rd Tanzanian-China Business Forum held in Beijing this morning in the presence of President Dr. Jakaya Mrisho Kikwete(not in the picture). During the same occasion the NHC signed two other MoUs with...

eNCA
Tanzania jails former finance, mining ministers over gold deal
Reuters
DAR ES SALAAM A Tanzanian court sentenced two former ministers to three years in jail on Monday over corruption charges related to the award of a gold audit tender, according to court documents. The convictions of former Finance Minister Basil Mramba ...
Tanzania jails two former finance ministers for graftThe Standard Digital News (satire) (press release) (registration) (blog)

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