VELMA LawVelma Law, Dar es Salaam Tanzanian Law Firm 310 310
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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.