* Govt says miner to pay 4 pct royalty vs 3 pct
* New royalty calculation agreed on gold exports
* ABG owns four gold-producing mines in Tanzania
By Fumbuka Ng’wanakilala
DAR ES SALAAM, Dec 12 (Reuters) – African Barrick Gold
Plc (ABG) has agreed with the Tanzanian government to
raise the royalty rate it pays on gold exports, the country’s
minerals ministry said on Monday.
ABG, which has four mines in Africa’s fourth-largest gold
producing country, agreed to an increase in royalties to 4
percent from 3 percent and also agreed to pay the royalty based
on a new revenue formula.
The formula takes into account the gross sale value of gold
sent abroad instead of its net value at point of export.
The minerals ministry announced the deal in newspaper
advertisements, which also said talks were proceeding with
Anglogold Ashanti Ltd, which owns the Geita gold mine,
and Resolute Tanzania Ltd, which owns the Golden Pride mine,
with a view to those two companies also paying the new royalty
rate.
A mining official familiar with the talks, however, told
Reuters that the government statement was premature and that
several details of the deal were yet to be agreed.
Continued…
