Various firms are in agreement that the new laws would have far-reaching effects on their mining projects, and could cost them millions of dollars in investment. PHOTO FILE | NATION
Australian mining company OreCorp has announced plans to review its operations in Tanzania, which is reviewing its mining laws to enable the government to renegotiate mining contracts.
Recently, parliament passed the Natural Wealth and Resources Contract (Review and Re-negotiations of Unconscionable Terms) Bill, 2017 and the Natural Wealth and Resources (Permanent Sovereignty) Bill 2017, which states that all natural resources belong to Tanzanians.
The Natural Wealth and Resources (Permanent Sovereignty Act 2017 further states that all disputes relating to extraction, exploitation or acquisition and use of natural resources shall be adjudicated by judicial bodies or other organs established in and accordance with laws of Tanzania.