The Mining (Minimum Shareholding and Public Offering) Regulations, 2016

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Jurisdiction: Tanzania
Instrument: Regulation
Citation: The Mining (Minimum Shareholding and Public Offering) Regulations, 2016
Version: Undated source snapshot
Language: en
Official source: View official record ↗

default enforcement foreign investor share limit licensing licensing compliance listing requirement local shareholding mining ongoing obligation public offer registration securities share issuance shareholding special mining licences stock exchange listing

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This section gives the Regulations’ short citation name. Holders of a Special Mining Licence must issue shares to the public and list on a stock exchange in Tanzania. This section defines key terms used in the Regulations, including “Act,” “Authority,” “Minister,” “Special Mining Licence,” “local shareholding,” and “public offer.” A holder of a Special Mining Licence must keep at least 30% of the issued and paid-up shares in local ownership. Special Mining Licence holders and certain licensees must meet the local shareholding requirement within the stated time limits, using a public offer, and keep the minimum shareholding throughout the licence period.

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Provisions of The Mining (Minimum Shareholding and Public Offering) Regulations, 2016

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1
These Regulations may be cited as the Mining
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AI-assisted research summary: This section gives the Regulations’ short citation name.

1. These Regulations may be cited as the Mining (Minimum Shareholding and Public Offering) Regulations, 2016. Application
2
(1) These Regulations shall apply to holders of
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AI-assisted research summary: Holders of a Special Mining Licence must issue shares to the public and list on a stock exchange in Tanzania.

2.-(1) These Regulations shall apply to holders of Special Mining License issued pursuant to the Act. (2) The holder of Special Mining Licence shall issue shares to the public and list on a stock exchange in the United Republic of Tanzania. Interpretation
3
In these Regulations, unless the context requires
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AI-assisted research summary: This section defines key terms used in the Regulations, including “Act,” “Authority,” “Minister,” “Special Mining Licence,” “local shareholding,” and “public offer.”

3. In these Regulations, unless the context requires Cap. 123 Cap. 79 otherwise: “Act” means the Mining Act; “Authority” means the Capital Markets and Securities Authority established under the Capital Markets and Securities Act; “Minister” means the Minister responsible for mining; and “Special Mining Licence” has the meaning ascribed to it under the Act; “local shareholding” in relation to: (a) a natural person, means shares held by a citizen of the United Republic; Cap. 212 (b) a body corporate, means shares held by a company 39 Mining (Minimum Shareholding and Public Offering) G.N. No. 286 (contd.) incorporated under the Companies Act in which citizens or the Government of the United Republic has beneficial interest in at least fifty percent of the ordinary shares of such company or any other body corporate established or incorporated in the United Republic under the provisions of any written law; “public offer” means an invitation of the members of the public to enter into an agreement for or with a view to subscribing for or otherwise acquiring any securities. PART II SHAREHOLDING REQUIREMENTS AND OBLIGATIONS Minimum shareholding requirement

Part

PART II

4
(1) The minimum local shareholding requirement of a
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AI-assisted research summary: A holder of a Special Mining Licence must keep at least 30% of the issued and paid-up shares in local ownership.

4.-(1) The minimum local shareholding requirement of a holder of Special Mining Licence shall be thirty percent of the total issued and paid up shares. (2) Where the holder of the licence has failed to secure the minimum local shareholding due to an unsuccessful public offer, the Minister may: (a) upon application of the holder of a licence granted under the Act; and (b) on the recommendation of the Authority, the holder from the minimum to grant a waiver shareholding requirement. local Obligations for Local shareholding Cap. 79
5
(1) The minimum local shareholding for a Special
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AI-assisted research summary: Special Mining Licence holders and certain licensees must meet the local shareholding requirement within the stated time limits, using a public offer, and keep the minimum shareholding throughout the licence period.

5.-(1) The minimum local shareholding for a Special Mining Licence shall be obtained through a public offer in accordance with the provisions of the Capital Market and Securities Act within one year after granting of the said licence. (2) A licensee referred to under subregulation (1) whose licence was issued prior to commencement of these Regulations shall, within two years from the date of commencement of these Regulations, ensure compliance with the local shareholding obligation. (3) A licensee referred to under subregulation (1) whose licence is issued after the commencement of these Regulations shall, within one year from the date of grant of a Special Mining local shareholding Licence, ensure compliance with obligation. the (4) A holder of a Special Mining Licence shall maintain 40 Mining (Minimum Shareholding and Public Offering) G.N. No. 286 (contd.) Obligation for listing GN 168 of 2003 the minimum shareholding requirement prescribed under regulation 4(1) as an ongoing obligation throughout the licence period.
6
(1) A holder of Special Mining Licence shall list its
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AI-assisted research summary: A holder of a Special Mining Licence must list its shares on a stock exchange in the United Republic.

6.-(1) A holder of Special Mining Licence shall list its shares on a stock exchange within the United Republic in accordance with the applicable listing rules of the stock exchange. (2) The provisions of regulation 3(4) of the Capital Markets and Securities (Foreign Investors) Regulations, 2003, relating to the maximum limit of sixty percent of the total number of shares to be held by foreign investors in the listed securities, shall not apply to the shares of the Special Mining Licence that are listed on a stock exchange in the United Republic. (3) The grant of the waiver under regulation 4 shall not preclude a licensee from the obligation of listing on the stock exchange as prescribed under subregulation (1). Change of name by licensee
7
Where there is a change of name by a licensee who is
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AI-assisted research summary: A licensee with a change of name must register the change under section 106 of the Act.

7. Where there is a change of name by a licensee who is subject to local shareholding requirements set out under these Regulations, the licensee shall register the change in accordance with section 106 of the Act. Effect of failure to register
8
A licence holder who fails to comply with the
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AI-assisted research summary: A licence holder who fails to comply with these Regulations is in default, and section 63 of the Act applies against that person.

8. A licence holder who fails to comply with the requirements of these Regulations shall be in default and the provisions of section 63 of the Act shall have effect against him. Dar es Salaam, 30th September, 2016 SOSPETER M. MUHONGO, Minister for Energy and Minerals 41

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