Tanzania pre-cancels undeveloped Mineral Land license for large Mining Enterprises and allocates them to small Enterprises

According to Bloomberg, Tanzania's president, John Magfuli (John Magufuli), said the country intended to cancel licenses for undeveloped mines belonging to large mining companies and would allocate them to small businesses.

Magufuli told mining executives at its business center in Dar es Salaam on Tuesday that the country's mining revenue exceeded its target of 8 percent in the first half of the fiscal year, reaching 167.5 billion shillings ($72.3 million). Income rose 55 per cent to 301 billion shillings in 2017-18.

Mining Minister Doto Biteko told executives that the state intends to discuss with mining companies the obstacles that limit the development of the industry. The industry accounted for 4.8 per cent of gross domestic product in 2017, compared with 4 per cent in 2015, according to Magufuli.

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