- Stake of Tanzanian citizen(s) in an “indigenous Tanzanian company” has been reduced from 51% to 20%
- Time for the Committee to review local content plan is extended from 25 to 60 working days
- Time for the Mining Commission to communicate its decision on local content plan is extended from 7 to 30 working days
- Deemed approval where the Mining Commission fails to communicate its decision within the prescribed time is abolished
- The Minister is now obliged to seek stakeholders’ views before prescribing additional minimal local contents levels
- The definition of “financial institution” and “financial organization” from the Banking and Financial Institutions Act has been adopted into the Regulations
- “an indigenous Tanzanian bank” is now renamed as “a Tanzanian bank”
- A definition of a “Tanzanian bank” has been introduced into the Regulations
On 8th of February 2019, the Mining (Local Content) (Amendments) Regulations 2019, which amend the Mining (Local Content) Regulations 2018; were published under G.N No. 139 of 2019.
Disclaimer: This post does not constitute legal advice and does not establish an attorney-client relationship.