TANZANIA implements the Extractive Industries Transparency and Accountability Act, an international law which oversees openness and in commercial operations involving the mining of gemstones, oil and natural gas.

Home Affairs Minister, Innocent Bashungwa, stated here yesterday that transparency in extractive industry activities not only ensures that the country earns proper revenues but also safeguards local and foreign partners who have invested in such operations.

Bashungwa was addressing delegates during the 62nd Extractive Industries Transparency Initiative (EITI) Board of Directors Meeting, taking place in Arusha.

The minister added that the law also outlines obligations of extractive companies, including submission of data to the committee in accordance with EITI requirements.

“Other benefits stemming from EITI implementation in Tanzania include but not limited to generating active discussions relating to the payments of service levy and the contribution of corporate social responsibility from extractive companies to local government authorities and communities in general,” he said.

Bashungwa who represented Deputy Prime Minister and Energy Minister Dotto Biteko revealed that as of December 2024, Tanzania Extractive Industries Transparency Initiative (TEITI) had engaged six mining companies.

“The companies have signed framework agreements with the government to disclose information in their contracts. Three companies are in final stages of agreement to disclose and the remaining three companies wait for their shareholders to consent for the same,” he added.

Regarding the energy sector, Minister of Minerals Anthony Mavunde said there are no new contracts which have been signed since January 2021. Moreover, there are no current contracts which have been altered or amended.

 “As far as disclosure is concerned, the government has made efforts to ensure that the beneficial ownership information is made public,” he said, adding that Tanzania EITI has managed to disclose the names of beneficial owners in extractive industries.

He revealed that majority of the companies are publicly traded companies listed on international stock markets, therefore easy to access the names of their shareholders and beneficial owners. Tanzania EITI currently works on ensuring the beneficial ownership register for extractive industry is developed.

 “Tanzania has published a total of 14 transparency reports, indicating the country’s adherence to the agreed international laws and that is why we have even attracted this international board meeting to take place in Arusha for the first time,” Mavunde said.