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VELMA Law is based in Dar es Salaam, Tanzania. We provide Tanzanian law advice on commercial matters in a wide range of areas.
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Mining (Minimum Shareholding and Public Offering) Regulations 2016 were published 7 October 2016.
In brief, Special Mining License holders shall:
- issue shares to the public and list on the Dar Stock Exchange within 1 year of the SML; and
- have a minimum 30% local shareholding of issued paid up shares,
but Minister may grant a waiver if the public offer is unsuccessful,
and SML holder may issue more than 60% shares to foreign investors (which was (till 2014) otherwise a Capital Markets restriction).
NB it is not clear how this interacts with any Government free carried interest.
NOTE: This has been prepared for general information purposes for any interested persons, it is not comprehensive information on the subject matter and it should not be regarded as legal advice.
If you want detailed advice on this, or any other matter, please contact us.