Tanzanian president to enforce listing of mining firms

Tanzania’s president John Magufuli said his Government would enforce a new rule requiring mining firms to list on its bourse by August as part of measures aimed at increasing transparency and spreading wealth from the country’s natural resources. Major foreign-owned mining companies in Tanzania that will be affected by the requirement to list on the Dar es Salaam Stock Exchange include Acacia Mining Plc, AngloGold Ashanti and Petra Diamonds.“By listing these companies on the stock exchange, we will be able to monitor how much (revenue) they actually get,” Magufuli said in a television programme aired by local stations, media reports on Wednesday. The television programme produced by the president’s office featured comments made by Magufuli during talks with local business leaders on May 6. The government issued regulations last year requiring holders of special mining licences to sell a 30 per cent stake in their companies via an initial public offering within two years. The mining ministry amended the rules in February and set a new listing deadline to August 23. Tanzania is Africa’s fourth-biggest gold producer and also has vast deposits of coal, uranium and precious gemstones. Magufuli said he hoped IPOs would bring more transparency and offer the public a share of the mining industry’s profits.