Registered Members Login:
   
Forgotten Your Details? Click Here To Recover +
Welcome To The ShareCafe Community - Talk Shares And Take Stock With Smart Investors - New Here? Click To Register >

7 Pages (Click to Jump) V   1 2 3 4 > »    
 
  
Reply to this topic

MINING LAWS, CHANGES IN LEGISLATION/GENERAL DISCUSSION
blacksheep
post Posted: Apr 5 2019, 07:41 PM
  Quote Post


Posts: 5,701
Thanks: 2126


How countries are getting tougher with mining companies
QUOTE
A mix of political populism, higher commodity prices and the expectation electrification will spur demand for some raw materials has led resource-holding governments to change the rules for miners operating in their countries.

In most cases, governments are seeking to increase their share of profits, rather than all-out resource nationalism, although Mongolia has been trying to nationalise a stake in a copper mine.

The toughness is not universal.

Some governments see the hardened stance of other countries as a chance to lure investment. Ethiopia is rolling out pro-business reforms after Prime Minister Abiy Ahmed swept into office last year.

What's different this time?
Typically, resource holders have increased the demands they make of international companies when commodity prices rise.

Commodity prices have been increasing since the start of this year, but are relatively low and were still recovering from the crash of 2015-16 when the latest wave of resource nationalism began.

In Africa, Tanzania, regarded as an extreme example, turned on the miners after President John Magufuli swept to power in late 2015, pledging to secure a bigger share of the country's natural resource wealth.

"China's growing investment in mining projects has helped spur resource nationalism by giving many resource-rich countries an alternative to Western investment"
Industry insiders and lawyers say political populism and social media are impelling calls for a greater share, beginning with the local communities around mines.

They also say investment by China, and to a lesser extent Russia, increases the leverage of resource-holding governments.

"China's growing investment in mining projects has helped spur resource nationalism by giving many resource-rich countries an alternative to Western investment," Henry Hall, associate director at Critical Resource advisory firm, said.


read more - http://www.mining.com/web/countries-gettin...ning-companies/

MMG joins Glencore, ERG reviewing Congo plans after tax hike
Bloomberg News
QUOTE
Yet another foreign miner in the Democratic Republic of Congo is reviewing its future production plans after the government increased taxes and removed investor safeguards despite industry protests.

MMG Ltd., the Chinese-owned copper producer, is considering whether to invest in more expensive methods of mining the metal when existing oxide resources are depleted. It’s grappling with the same quandary facing units of Glencore Plc and Eurasian Resources Group Sarl, which have either downsized or suspended activities at copper-cobalt mines in the central African nation as they challenge the new mining code.

read more - http://www.mining.com/web/mmg-joins-glenco...plans-tax-hike/



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Mar 28 2019, 01:30 PM
  Quote Post


Posts: 5,701
Thanks: 2126


The mining industry has had it easy for far too long — opinion
Bloomberg Opinion
QUOTE
When should modern Americans care about legislation signed into law by President Ulysses S. Grant? When it causes deep environmental damage, deprives the federal treasury of billions, privileges one industry over others, practically gives away public lands, and hasn’t been significantly altered in almost 150 years.

The law in question is the General Mining Act of 1872, which governs the harvesting of gold, silver, uranium, copper, zinc and other minerals from federal lands. To say it’s long overdue for reform is an understatement.


QUOTE
Members of Congress from mineral-rich states, including some who sit on powerful resource committees, are looking at the issue. Frustrated by foreign companies extracting royalty-free gold and other hardrocks from American land, troubled by environmental disasters originating from old mines (like the one that turned Colorado’s Animas River a toxic yellow in 2015) and prompted by changing demographics, they are finally moving toward amending the law.


read more - http://www.mining.com/web/mining-industry-...long-editorial/



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Mar 20 2019, 09:15 PM
  Quote Post


Posts: 5,701
Thanks: 2126


Tanzania’s mining sector to relax protectionist regulations
Published 1 week ago on
QUOTE
Mining sector regulations that require Tanzanian local companies to own controlling stakes in multinationals, have been relaxed. Once seen as ambitious, the 2018 Mining Sector Regulations required Tanzanian companies to have at least 51 per cent stake in mining firms while multinationals were required to partner with their locally owned institutions.

The regulations and the Mining Act amendments, which were part of mineral sector reforms, were meant to give the government a bigger share of the mining sector pie.

Additionally, they sought to boost the participation of Tanzanian nationals and firms in multinationals’ operations. But a year later, further amendments have seen procedural ownership percentage reduced to 20 per cent. Analysts say that Tanzania, though endowed with abundant minerals, still feels little impact on its revenue collection.

The new Mining (Local Content) (Amendments) Regulations, 2019 reduced ownership restriction for local mining firms and financial institutions’ preference. Indigenous Tanzanian companies, under the amended regulations, now have to own a minimum 20 per cent equity.

Miners have welcomed the amendment, saying it will make the mining industry vibrant. “Many local companies, be they contractors, sub contractors, licensees, do not have the capital and capacity needed to bring about development in the mining activities,” said Mbwaike Mahyenga one of the miners in Mwanza.


“As much as we find it hard to admit that we run short in that respect, things such as machinery are expensive for some local companies.” The Mining Regulations on Local Content (2019), which came into effect on February 8, opened the gates for more local commercial banks to participate in mining activities.

The new regulations slightly reduced the stringent banking requirements, as not many banks operating in Tanzania fall under the definition of “indigenous Tanzanian banks.” Keeping the local content spirit as previous regulations, the Mining Regulations on Local Content (2019) still affects international banks like Barclays, Standard Chartered Plc, Stanbic Bank and First National Bank Tanzania Ltd — which is 100 per cent owned by the First Rand Group — a large financial services provider based in South Africa. Other banks are KCB Bank, Commercial Bank of Africa and Access Bank Plc.

Economists say that it is a welcome move since the new regulations will allow more local banks, which are not wholly Tanzanian-owned to provide services to the sector. Before the new rule, mining firms were allowed to have bank accounts abroad and repatriate some of their profits, which the government felt was weakening the local currency.

The calls for changes in the mining laws were partly due to claims that some miners, especially multinationals, were evading tax. The new structure seeks to establish even participation in mining activities by local entities including contractors, subcontractors, insurance companies and financial institutions.

Early last month, parliament of Tanzania approved a Bill designed to relieve small-scale miners of the burden of paying withholding tax of 5 per cent and 18 per cent value added tax, leaving the holders of a
primary licence with a 7 per cent tax obligation only.

https://newscentral.ng/tanzanias-mining-relax-regulations/



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Feb 19 2019, 09:03 PM
  Quote Post


Posts: 5,701
Thanks: 2126


Malaysia lifts bauxite mining moratorium after 3-year ban

QUOTE
"The moratorium will not be extended after March 31 … I see that there is a strong demand for the bauxite industry in Pahang and the profit derived by the state is also enormous," Xavier Jayakumar said.

Jayakumar also added that while bauxite mining and export activities could be resumed, it would be done with new standard operating procedures and tighter law enforcements.

http://www.mining.com/web/malaysia-lifts-b...ium-3-year-ban/



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jan 23 2019, 10:26 AM
  Quote Post


Posts: 5,701
Thanks: 2126


Some mixed messages - mining companies haven't been able to develop assets since the Govt said they were reviewing each and every one. Are they only targeting "large-scale miners" such as Barrick and Anglo?

Tanzania to cancel licenses for undeveloped mineral sites
Bloomberg News | about 6 hours ago |
QUOTE
Tanzania intends to cancel permits for mineral sites belonging to large-scale miners that remain undeveloped and will allocate the licences to smallholders, President John Magufuli said.

The announcement comes amid a tax dispute between the state and Acacia Mining Plc, in which the government is demanding $190 billion in penalties, after claiming the company had under-declared export revenue since 2000.

The East African nation surpassed its mining-revenue targets for the first half of the current fiscal year by 8 percent to 167.5 billion shillings ($72.3 million), Magufuli told mining executives in the commercial hub of Dar es Salaam Tuesday. Earnings in the 2017-18 year jumped 55 percent to 301 billion shillings, he said.

The state intends to hold discussions with mining companies on obstacles restraining the sector, Mining Minister Doto Biteko told the executives. The industry contributed 4.8 percent of gross domestic product in 2017, compared with 4 percent in 2015, Magufuli said.

(By Ken Karuri)

http://www.mining.com/web/tanzania-cancel-...-mineral-sites/

A previous PR re "large-scale" mining licences from June 2018 - https://www.reuters.com/article/us-tanzania...l-idUSKCN1IX5NN



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jan 14 2019, 08:07 PM
  Quote Post


Posts: 5,701
Thanks: 2126


In Reply To: blacksheep's post @ Jan 12 2019, 11:02 AM

Congo poll leaves uncertainty for miners at heart of EV revolution
extract
QUOTE
“It could be that, as a mining sector, we’re worse off than when we were under Kabila,” said one mining operator, who asked not to be identified. “There may be some improvements, but we’re not counting on it.”

QUOTE
Five mining executives contacted by Reuters said they were not yet operating on the assumption that Tshisekedi’s win would be validated by the Kabila-appointed Constitutional Court and expected the outgoing president to fight to keep his stranglehold on the sector. None wanted to speak on the record.

Companies could find themselves caught in the crossfire of turf wars over ministry jobs and positions in the bureaucracy, not knowing who is really in charge.

“There are always people you have to sway if you want a contract or a mining permit,” Stearns said. “At the top, these are Kabila’s people. That’s now going to be in a state of flux that, I think, is going to last months.”


https://www.reuters.com/article/us-congo-el...n-idUSKCN1P70DR




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 


blacksheep
post Posted: Jan 12 2019, 11:19 AM
  Quote Post


Posts: 5,701
Thanks: 2126


Constant change of Ministers is not helping to bring and end to this impasse. Magufuli also recently warned - “One day I may appoint myself the minister of minerals” "
Tanzania names latest mining minister in ongoing industry clash
QUOTE
DAR ES SALAAM (Reuters) - Tanzania named a new mining minister on Tuesday amid a prolonged spat between the government and gold producer Acacia over a $190 billion tax bill, which has severely limited the London-listed company’s operations in the East African nation.

Dotto Biteko, whose appointment was announced by presidential official John Kijazi on state television, is the third mining minister President John Magufuli has appointed since he was elected in 2015.

https://www.reuters.com/article/us-tanzania...h-idUSKCN1P20WS



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jan 12 2019, 11:02 AM
  Quote Post


Posts: 5,701
Thanks: 2126


Too early to bet on mining policy change: Congo vote reaction
Bloomberg News |
QUOTE
In a surprise twist, Democratic Republic of Congo opposition leader Felix Tshisekedi was declared the winner of last month’s presidential election, although his victory is being marred by claims by a rival that the poll was rigged.

The African country is the world’s main supplier of battery ingredient cobalt and a key source of minerals from copper to tantalum. That means miners, analysts and users of the metals — which range from carmakers to mobile-phone companies — will be keeping a close watch on what happens next.

The prospective change of administration may spur optimism among mining investors including Glencore Plc and Barrick Gold Corp. that they can reverse elements of a fiercely disputed new industry code that raised royalties and added taxes.

Here are some initial reactions, to be updated throughout the day:

Verisk Maplecroft: Unknown Entity for Miners
The results are preliminary so “many mining investors will likely hold off for the next two to three months at minimum to see how the transition period plays out,” said lead Congo analyst Indigo Ellis. “Tshisekedi quite openly argued on the campaign trail that hikes to tax and royalty rates in the new mining code had gone too far, going as far as to call them “anti-investment,” yet his powers to introduce pro-investor measures are likely to be constrained, at least initially.”

Barrick Gold: Too early to say
“It’s a bit early to say; we think the election process proceeded smoothly, and it’s good to see the results have been announced and people have accepted, it means there is a democratic process that’s working and that’s the positive,” said Chief Financial Officer Graham Shuttleworth. “Tshisekedi is an experienced politician but you must remember in the Congo, government is not just one political party, it’s a coalition.” “One of the most important positions will be one of mines minister, the current one may not be there going forward, but it’s too early to say.”

Africa Risk Consulting: Mining policy shift unlikely
There has been speculation that the announcement of Tshisekedi’s victory could be part of a deal with outgoing President Joseph Kabila, which means that the new president may not challenge the status quo, said senior analyst Shawn Robert Duthie. “I don’t expect major changes to DRC’s mining policies as Tshisekedi will unlikely be willing to undo much of what the previous administration has done.”

RBC Capital Markets: Possibility for mining code revision
“A chance for the DRC to eventually emerge from a period of significant corruption and changes to the mining code,” said mining analyst Tyler Broda. The end of Kabila’s leadership “could potentially see a revision of the contested mining code from last year.”

Liberum Capital: Supply risks
Congo is a “hugely important region for copper and cobalt, and this result could cause disruption to output,” depending the response of the influential Catholic church, said analyst Ben Davis. However, copper and cobalt prices “would likely rise globally to offset this impact.”

BMO Capital Markets: Potential for disruption lowered
The results “will be seen as a surprise after the protracted delay in counting,” said mining analyst Colin Hamilton. “This should lessen potential for civil unrest and potential disruption to copper and cobalt shipments from the country.”

(By Felix Njini, Elena Mazneva and Thomas Biesheuvel)

http://www.mining.com/web/early-bet-mining...-vote-reaction/



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Dec 10 2018, 08:57 PM
  Quote Post


Posts: 5,701
Thanks: 2126


Probably won't get far with this - the fiscally challenged Moz Govt are relying on royalties from this project to get them out of a hole. Depends which court of law they go to, I guess
Mozambique lawyers sue US gas giant over land deal
QUOTE
Lawyers in Mozambique are suing US fossil fuel giant Anadarko to block its planned $20 billion gas project, arguing the land was illegally taken from locals, according to a statement published Friday.

Anadarko is one of the global companies investing billions of dollars to exploit major gas reserves discovered off Mozambique’s northeastern coast and the lawsuit could further delay operations already frustrated by jihadist attacks.

“As part of a legal monitoring project on land rights… we requested the Administrative Court annul the right to use land on an area of 6,475 hectares,” the Mozambique Bar Association said in statement posted on its website.

Hardline Islamists have launched several deadly attacks in the Muslim-majority, oil-rich Cabo Delgado province in the past year, stoking unrest just as Maputo pushes ahead with oil and gas development in the region.

Anadarko has previously said that Mozambique’s natural gas reserves, of which it has discovered 75 trillion cubic feet so far, “are among the best and the largest in the world”.

The bar association has said that a process of transferring land rights that began in 2012 and led to Anadarko being granted an exploration concession was illegal.

“The process of awarding the right to use the land did not respect the principle of public consultation,” it said.

Anadarko Mozambique did not respond to a request for comment.





--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: Dec 7 2018, 10:26 AM
  Quote Post


Posts: 5,610
Thanks: 2045


In Reply To: blacksheep's post @ Dec 7 2018, 09:44 AM

Any "licensed to operate" still at whim of political pressure, whether it is activist, syndicalist, competitive or being squeezed for a further "contribution".

Rule of Law should never be underestimated (nor trashed for expediency's sake)



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
 


7 Pages (Click to Jump) V   1 2 3 4 > » 

Back To Top Of Page
Reply to this topic


You agree through the use of ShareCafe, that you understand and accept the TERMS OF USE.


TERMS OF USE  -  CONTACT ADMIN  -  ADVERTISING