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Tanzanian Parliament Enacts Resources Law Castigated by Industry

  • Act entitles state to acquire up to 50% of mining companies
  • President overhauling mining industry to fund development plan
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Photographer: Brendon Thorne/Bloomberg

Tanzania’s parliament enacted the third law this week to overhaul the country’s natural-resources industries, ignoring a lobby group’s warning that the legislation will inhibit investment.

The Written Laws Act, was passed by lawmakers late on Tuesday, according to a statement posted on the chief government spokesman’s Twitter account. Its provisions include granting the government stakes of at least 16 percent in mining companies operating in the East African country, with the option to acquire up to 50 percent.