Tanzania orders review of Petra Diamonds contract amid crackdown on mining sector
Dar es Salaam — Tanzanian President John Magufuli has ordered a review of a Petra Diamonds contract and asked senior public officials to resign over the outcome of a probe into the mining sector, he said on Thursday. The moves are the latest attempt by Magufuli to tighten control over the mining industry to boost government revenues and stamp out alleged corruption. "I have endorsed all the recommendations of the parliamentary probe committees for the review of the Williamson diamond mine contract," Magufuli said in a televised broadcast. London-listed Petra has a 75% stake in the mine, while the government owns the rest. The company’s shares fell as much as 3.5%, but had trimmed losses to trade down 0.9% at 90p by 12.40pm GMT. Petra said in a statement that its business was conducted in a transparent manner and it complied with all legislation in Tanzania. The mine accounted for 18% of Petra’s revenues last year. However, a parliamentary committee said there were "gross irregularit...
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