Tanzania, alongside Mozambique, is home to Africa’s largest deposits of graphite, for which the demand has been increasing due to its variety of uses including fire repellent in building materials, pencils, and electric car batteries, among others. The issue, set to take place in February, has a seven-year maturity and hopes to attract participation from the Tanzanian and Ugandan pension funds. In December, Volt announced that they would be proceeding with a $30 million bond issue on the Dar es Salaam stock market. The funds will go toward supporting the first stage of the project, which is set to process 400,000 tons per year (t/y) of ore and produce 20,000 t/y of graphite products, starting in late 2018 or early 2019. announced that they successfully levied $4.7 million to support the Bunyu Graphite Project in Tanzania. In other mining news, this week, Australian Stock Exchange listed company Volt Resources Ltd. The new legislation passed the national assembly in December is presently being debated in the Senate.įormer Senior Research Analyst and Project Coordinator - Africa Growth Initiative The government replied to the criticism by stating that the new rate is in fact lower than that of neighboring Zambia and is essential to boosting public revenues. The DRC supplies two-thirds of global cobalt output, and the potential tax rate hike is severely opposed by the mining industry, as it may deter future investments. Its price has more than doubled in the past 2 years. Cobalt is increasingly used in batteries metals for electric vehicles produced by companies such as Tesla Inc. Under new legislation, which is currently being reviewed by parliament, cobalt would be classified as a “strategic substance” and would be taxed at a higher rate of 5 percent. The Democratic Republic of the Congo (DRC) is looking to significantly increase the tax rate on base metals from 2 to 3.5 percent. DRC considers a tax rate hike on cobalt exports as mining company raises $4.7 million for Tanzania graphite project
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