January 2018: Finance Briefing
The impact of the new Mining Local Content Regulations on banking operations
In this month's Finance Briefing we review the effects of the new Mining (Local Content) Regulations, 2018 (the Regulations) on operations of commercial banks in Tanzania.
Recent legislative changes have been introduced to encourage local content participation in Tanzania. In general, the spirit of the Regulations is to increase local content in the mining sector. Regulation 36, in particular, deals with the use of a bank account in Tanzania by requiring persons or entities who conduct mining operations or activities (at all levels of the supply chain) in Tanzania to maintain a bank account with an indigenous Tanzanian bank and transact business through banks in Tanzania.
Under the Regulations, an indigenous bank is a bank which is 100% owned by Tanzanians or a bank whose majority shareholding is made up of Tanzanians. The requirement to use indigenous banks may ultimately require Tanzanian banks which have foreigners as majority shareholders to consider restructuring their shareholding so as to comply with this requirement and continue to retain mining clients.
It is noted that the requirement to use indigenous banks applies to contractors, subcontractors and licensees, who are defined as persons /...
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