CONTRIBUTION OF TANZANIA S MINING SECTOR TO THE ECONOMY

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1 The United Republic of Tanzania Ministry of Energy and Minerals Tanzania Minerals Audit Agency Tanzania Mining, Energy / Power and Infrastructure Indaba CONTRIBUTION OF TANZANIA S MINING SECTOR TO THE ECONOMY Eng. Paul M. Masanja CEO Tanzania Minerals Audit Agency 2 nd October, 2013

2 OUTLINE About TMAA Mineral Occurrence Fiscal Regime Highlights - Contribution of Mining to the Economy Critical Challenges Way Forward 2 of 27

3 ABOUT TMAA MINERALS PRODUCTION & EXPORT AUDIT Quality Quantity Increased Govt. Revenues Availability of Reliable Minerals Data FINANCIAL AUDIT Mining Entities Financial Analysis Tax Review TMAA GOVT ENVIRONMENTAL AUDIT Environmental Stewardship Compliance 3 of 27

4 MINERAL OCCURRENCE IN TANZANIA North Mara Kabanga Geita Bulyanhulu Tulawaka Buzwagi Williamson Golden Pride TanzaniteOne Shanta Chunya Liganga Mchuchuma Ngaka Mkuju 4 of 27

5 MEASURED & INDICATED RESOURCES Gold 2,222 Tons Coal 5 billion Tons Uranium 35.9 million pounds Iron Ore 103 million Tons Tanzanite 12.6 million Tons Nickel 209 million Tons Diamonds 51 Million Carats 5 of 27

6 FISCAL REGIME Royalty Rates: Gold and all metallic minerals - 4%; Diamond and uncut Gemstones - 5%; Gem (cut and polished gemstone) - 1%; Uranium - 5%; Industrial and others minerals - 3% Corporate Tax: 30% Depreciation Allowances: 100% (in year of expenditure) VAT- Special Relief for exploration activities only Withholding Tax on Dividends: 5% for locals; 15% for foreigners Withholding Tax on Technical Services and Mgt. Fees: 5% for locals; 15% for foreigners Import Duty on Capital Goods: 0%, and cap limit of 5% on equipment and supplies after one year of production Ring Fencing: Mine to mine Thin Capitalization Rule: 70/30 debt: equity ratio 6 of 27

7 BENEFITS AND COSTS ACCRUED TO THE GOVERNMENT FROM A MINING PROJECT 7 of 27

8 HIGHLIGHTS_CONTRIBUTION OF MINING TO THE ECONOMY (1) Mining directly contributed about 3.5% of Tanzania s GDP in 2012 as compared to 3.3% in 2011 as per 2012 prices. Major mines returned about TZS bil. (USD mil.) to the Government in form of taxes and royalties, representing 18.51% of their mineral sales in Large Scale Gold Mines paid TZS bil. (USD mil.) in corporate tax, representing 47.16% of total payments made by all major mines to the Government in Major mines directly employed 8,803 people in 2012 of which 7.6% were expatriates. ASM Sub-Sector employs directly about 700,000 people. 8 of 27

9 HIGHLIGHTS_CONTRIBUTION OF MINING TO THE ECONOMY (2) Total amount spent by major mines on local procurement was USD mil. in 2012, representing 23.5% of their mineral revenues in the same year. In 2011, seven major mines (GPM, GGM, BZGM, TGM, BGM, WDL & TTM) voluntarily committed USD 7.44 mil. to CSR projects in their host communities and other areas in the country, representing 0.4% of their mineral revenues in the same year. Gold exports accounted for 25% of total exports and 51.1% of non-traditional export earnings in Spill-over effects of mining: notable sectors that have benefited from mining are Banking/Financial Services; Transport & Logistics; Manufacturing & Fabrication; Hospitality & Catering; Consulting (Environmental & Engineering Services). 9 of 27

10 HIGHLIGHTS_CONTRIBUTION OF MINING TO THE ECONOMY (3) VALUE CONTRIBUTION TO TOTAL NON-TRADITIONAL EXPORTS (2012) Source: BoT Monthly Economic Review, January of 27

11 FOREIGN DIRECT INVESTMENTS Avg. 482/Yr 11 of 27

12 MINING SECTOR GROWTH 12 of 27

13 HISTORICAL GOLD EXPORTS BY 7 LARGE SCALEMINES (mil. toz) 13 of 27

14 14 of 27 GOVERNMENT REVENUE (1) TAX & ROYALTY PAYMENTS BY MAJOR GOLD MINES (TZS BIL.) Year Corp. Tax PAYE WHT SDL VAT & Other * Sub Total Royalty Grand Total Total , , * Other taxes include: Stamp Duty, Import Duty, Excise Duty, Income Tax & Local Govt. Levy (2012) and exclude Road Toll

15 GOVERNMENT REVENUE (2) TAX & ROYALTY PAYMENTS BY MAJOR MINES 2012 VAT&Other 7% SDL 3% WHT 11% Royalty 18% Corp.Tax 47% PAYE 14% 15 of 27

16 GOVERNMENT REVENUE (3) TOTAL ROYALTY PAID BY MAJOR GOLD MINES 16 of 27

17 Year PROCUREMENT OF GOODS AND SERVICES LARGE SCALE MINES ( ) Foreign (USD Mil.) Local (USD Mil.) Total (USD Mil.) , , , , , TOTAL 5, , , of 27

18 DIRECT EMPLOYMENT MAJOR GOLD MINES 9,000 8,000 7,000 6,000 5,976 6,999 7,139 6,917 7,361 7,753 8,134 5,000 4,000 3,000 2,689 2,000 1, Tanzanians Expatriates 18 of 27

19 PROFILES OF 9 LARGE SCALE MINES Mine Project Start Project End Remaining Life of Mine as of 2012 Main Product Output from Inception to 2012 Total Payments to the Government from Inception to 2012 (TZS Bil.) BGM Gold 3.29 mil toz BZGM Gold 0.7 mil toz GGM Gold 5.81 mil toz GPM Gold 2.12 mil toz NLGM Gold 0.04 mil toz NMGM Gold 2.29 mil toz TGM Gold 0.87 mil toz TTM Tanzanite mil crt WDM Diamond mil crt TOTAL 1, of 27

20 EXPORT EARNINGS Total Export Earnings (Sales Revenue) by 6 Major Gold Mines (USD Bil.) of 27

21 GDP CONTRIBUTION MINING & QUARRYING CONTRIBUTION TO GDP (%, at 2012 prices) Source: BoT Annual Report 2011/2012, MEM 21 of 27

22 REVENUE FORECASTING (1) HISTORICAL AND PROJECTED ANNUAL TOTAL GOVERNMENT TAKE, (USD MIL.) 22 of 27

23 REVENUE FORECASTING (2) HISTORICAL AND PROJECTED ANNUAL GOVERNMENT TAKE (UNDISCOUNTED) BY MINE, (USD MIL.) 23 of 27

24 CORPORATE SOCIAL RESPONSIBILITIES CSR EXPENDITURE BY 7 MAJOR MINES 24 of 27

25 CRITICAL CHALLENGES Linkage of the mineral sector with other sectors of the economy so as to optimize its contribution to the national economy. Infrastructures (Railway, roads, ports); Reliable and affordable power. Security Public expectations on extractive sectors. 25 of 27

26 WAY FORWARD Promote economic integration between the mineral sector and other sectors of the economy, so as to maximize its contribution to the economy. Improvement of infrastructure through PPPs. Use of gas and coal to provide affordable and reliable power supply; Promotion of relationship between mining companies and societies surrounding the mines; Public awareness on revenue collected from the mineral sector and its expenditure. 26 of 27

27 Thank you for listening 27 of 27

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