The draft Bill proposes amendments covering sovereignty over Tanzania’s natural resources and public-private-partnership (PPP) ventures with foreign parties; domestic and international commercial arbitration, as well as “enforcement of foreign arbitral awards” and related matters.
Tanzania is set to review a contentious arbitration law. A key part of the draft Bill for the proposed 2020 Arbitration Act, includes clauses allowing investors to access international arbitration.
The draft Bill comes on the back of new arbitration announcements filed last month by several multinational mining companies over cancelled retention licences.
It also coincides with a new profit-sharing deal between Tanzania and Canadian mining giant, Barrick Gold for the three Barrick-owned gold mines in the country.
One of the country’s concessions to Barrick in the new deal is the right to seek international arbitration in case of disputes.
On PPPs , the draft proposes changes that would allow dispute resolution by outside arbitration bodies provided that the proceedings are held in Tanzania.