Dar es Salaam. Tanzania has lost a staggering $147 million (approximately Sh376 billion) following the cancellation of 12 mining retention licenses in 2017, according to the latest audit report by the Controller and Auditor General (CAG) for the financial year 2023/2024.
The move—initially aimed at asserting greater state control over Tanzania’s mineral resources—sparked international legal battles, resulting in costly settlements and raising concerns over the retroactive enforcement of mining law amendments.
