One of Tanzania’s concessions to Barrick in the new deal is the right to seek international arbitration in case of disputes.
The dispute is related to Canada-based company Montero Mining’s investment in the Wigu Hill rare earth element project.
Australian mining company Indiana Resources has become the second company in a week to declare a dispute with the Tanzanian government over repossessed retention licences.
The dispute arises out of certain acts and omissions of the United Republic of Tanzania, relating to the SMP Gold Project, says the company.
Civil society groups are now calling on governments to reform their investor state dispute settlement because “it is being unfairly used by investors to sue states for millions of dollars.”
Civil society and trade union statement to oppose the recent World Bank Court ruling against Tanzania.
The growing number of legal suits that multinational companies are bringing against Tanzania and other African countries is a major concern.
Barrick Gold Corp said it had reached a deal to settle a long-running tax dispute between Tanzania and mining group Acacia.
Argentina introduced a number of new restrictions on foreign currency transactions, reversing its four-year-old policy that had eliminated such controls, which may give rise to investment treaty claims by foreign investors.
Two months to the East African Community’s Summit, partner states are keeping the European Union guessing over the controversial Economic Partnership Agreement (EPA) whose signing stalled in 2016.
German scholar Prof Helmut Asche today April 15, said that Tanzania has good reasons not to sign the Economic Partnership Agreements (EPAs) with the European Union (EU).
There is seemingly little economic incentive for Tanzanian President Magufuli to sign up to the EPA. Tanzania could already export its goods to the EU market under the ‘Everything But Arms’ agreement.
The preferential protection of bilateral investments between Tanzania and the Netherlands is likely to cease next month but the protection for investments made before the date of termination continues to apply for a period of 15 years (until 1 April 2034).
Tanzania is in talks with EU to resolve some technicalities and will only sign the agreement after all its issues have been ironed out.
Seatini said East African countries should find alternative ways to finance development projects rather than depend on public-private partnerships and bilateral investment treaties, which have cost the region dearly.
The UK-Eastern and Southern Africa (ESA) Trade Continuity Agreement is meant to replicate the Economic Partnership Agreement that the East African Community is yet to sign with the European Union.
Tanzania has embarked on process of regulation of its foreign investment regime by enacting legislation, which exclude international arbitration.
The discussion on the EPA took place during the East Africa Community summit, with Tanzania insisting that it must be allowed more time to send experts to EU headquarters in Brussels, Belgium, to present its grievances.
Since 2017, the country has shown a hostile attitude towards international arbitration.
Tanzania is currently facing 13 cases on investment disputes in various international courts with $185.58 million (about Sh426 billion) demanded.