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The Mining Regulations on Local Content 2019 which came into effect on February 8 has relaxed the mining sector regulations that require local companies to own controlling stake in multinationals, opening the gates for more local commercial banks to participate in mining activities.The new regulations slightly reduced the stringent banking requirements allowing mining companies to maintain bank accounts in Tanzanian banks.
Tanzania has relaxed the mining sector regulations that require local companies to own controlling stake in multinationals.
Once seen as too ambitious, the Mining Sector Regulations 2018 required Tanzanian companies to have at least 51 per cent stake in mining firms while multinationals were 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.
