Acacia seeks arbitration after Tanzania tears up mining contracts
Tuesday July 4 2017
President John Pombe Magufuli has been on his crusade that mining companies that have been working in Tanzania have been ripping off the country, mainly by under-declaring the true worth of what they take out of the country. PHOTO | FILE
Tanzania's largest miner Acacia, on Tuesday said it was seeking an arbitrator to resolve its friction with the Tanzanian government.
Tanzania's President John Magufuli has has been on his crusade to the mining community with a series of actions since he took over power in 2015 in a bid to champion for revenue distribution to the Tanzanian people.
Early this year, Magufuli imposed an export ban on unrefined minerals to boost growth of local smelters, rather than allowing profits from processing to be accrued abroad.