BOTTOM LINE: Let’s not get ahead of ourselves on ‘historic’ Barrick deal

What you need to know:

There are some unanswered questions with regards to the Barrick deal. Critics think it is too early for Tanzania to celebrate

Is the offered amount aimed at inducing Tanzania? What did Tanzania offer in reciprocating to the new-found friendship and generosity that forced Dr Magufuli to refer to Barrick as brethren and not pilfers as it once was perceived of them after unearthing the scam? Such questions are valid provided that the two taskforces, one headed by Prof Abdulkarim Mruma and the other Prof Nehemiah Osoro, unearthed a lot of rot and wheels and deals. The findings of the taskforces – that Acacia rubbished – concluded that Tanzania lost between Sh68.59 trillion and Sh108.46 trillion from unpaid mining taxes due to under declaration of exports of metallic mineral concentrates by Acacia Mining PLC in the 19 years (The Citizen, June13, 2017). From such an amount, the government was supposed to receive at least US$ 60 billion in revenues (The East African, 12 June, 2017). When one looks at such figures and compare it with $300 million, chances are that the so-called big deal might turn out to be a bad deal or a no deal. Instead of buying goodwill, methinks the government should disclose how much money Acacia is going to pay but not to offer in goodwill or whatever.

BOTTOM LINE: Let’s not get ahead of ourselves on ‘historic’ Barrick deal

What you need to know:

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