News dalla rete ITA

11 Agosto 2021

Uganda

NEW LAW WOULD ALLOW UGANDA TO TAKE STAKES IN PRIVATE MINING

Uganda's cabinet has approved a draft mining law that would allowthe government to own shares in private mining operations andimpose steep penalties for violations in the sector, including prisonterms of up to seven years.When enacted, it will replace a law that has been in place since2003.It will provide for "state equity participation in large, medium andsmall scale mining up to a maximum of 15%," Opendi said in thestatement.Penalties set out in the draft law include fines of 1 billion shillings($278,164.12) and custodial sentences of up to seven years for thosefound guilty of illegal mining and other violations, Investors would berequired to enter production sharing agreements (PSAs) with thegovernment. Previously, companies could apply and be grantedmining licenses on their own, Opendi said.President Yoweri Museveni's government has been seekinginvestment in the sector to increase exploitation of resources, such ascopper, iron ore, gold, cobalt and phosphates.Earnings from gold exports jumped to $1.8 billion last year, from $1.2billion in the previous year. (ICE ADDIS ABEBA)


Fonte notizia: Reuters