EXPORT CLAIM
Tanzania seizes Petra’s diamonds
The Tanzanian government confiscates diamonds worth nearly $30m amid row over export gems’ value
The Tanzanian government says it has confiscated diamonds worth nearly $30m after accusing Petra Diamonds of having declared a lower value when trying to export the gems. Petra had rebuffed concerns about the way its Williamson mine in Tanzania was operated as Tanzanian President John Magufuli’s focus swung to the country’s small diamond-mining sector from gold, ordering a review of the company’s mining contract with the government. Magufuli also called on law enforcement agencies to investigate alleged underdeclared diamond exports. The Tanzanian government shocked the country’s mining sector earlier in 2017 by slapping a $190bn tax bill on Acacia Mining, a gold miner with two mines in the country, for under-declared export revenues for 17 years. The $40bn tax bill and $150bn in interest and penalties was more than double the tax paid by the world’s top five gold miners since 2000, said Investec analyst Hunter Hillcoat. The Williamson mine, 25% owned by the Tanzanian government, is...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.