The mining sector in Tanzania is experiencing hard times now. The legacy of mining of the past decades has been shown to be very unfavourable to the country’s interests in a recent report of Prof Nehemiah Osoro Committee formed by President John Magufuli to investigate the legal and economic impact of mining in relation to the impoundment of the mineral concentrates in containers that were destined for export by Acacia Mining Plc, a subsidiary of Barrick Gold Corporation.
Tanzania still has the potential in mining, but it needs the mining sector that operates on an overhauled legal, tax and regulatory landscape. This piece is intended to explore and flesh out tough dialogue between Barrick Gold Corporation, on the one part, and the government of Tanzania, on the other. Such dialogue is critical to reorganising Tanzania’s mining sector.
There is a view enunciated by economist Milton Friedman in 1970 that “the business of business is business”, that is, to make profit notwithstanding the existing cultural, socio-political and environmental circumstances of a country. Continue Reading →