ACACIA mining shares suffer on reports of Tanzania investigation

Cicadulina

JF-Expert Member
Sep 8, 2015
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Share za ACACIA zimeporomoka kwa 8% muda mfupi tu uliopita baada ya ripoti ya pili
kusomwa leo.

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Shares zinazidi kuporomoka na sasa zimeshuka mpaka 14%






Tanzania’s government accused Acacia Mining Plc of operating illegally in the East African country and said mining companies have been evading taxes. Acacia’s shares slumped.

“The committee has established that Acacia Mining Plc has been conducting its mining business here in Tanzania contrary to the law,” Nehemiah Osoro, chairman of a committee ordered by President John Magufuli to conduct an audit of mineral exports over the past 19 years, said Monday in the commercial capital, Dar es Salaam.

Acacia’s shares dropped as much as 14 percent and were 5.8 percent lower at 282.60 pence by 9:34 a.m. in London. The company, which is majority owned by Barrick Gold Corp., said in an earlier statement that it has “fully cooperated” with the audit committee’s work.

Acacia also said that it will make another statement “as soon as practical” following Monday’s presentation by the government.

The accusation is the latest sign of deteriorating relations between Acacia and the country where it mines all its gold. Last month, a Tanzanian presidential committee investigating the export of gold and copper concentrates, a semi-processed form of ore, said that Acacia hasn’t fully declared all the minerals contained in its concentrate. Acacia said it fully declares everything of commercial value that it produces and pays all appropriate royalties and taxes.

Acacia slid almost 40 percent in two days after the first committee report last month. The firm has been in dispute with the government since the country issued a surprise ban on concentrate exports in March. The restriction is costing Acacia about $1 million a day in sales and the company has said it may be forced to shutter its flagship Bulyanhulu mine unless a solution is found.

Mine Concern
“If no resolution is found over the summer we would expect Bulyanhulu to be placed on care and maintenance,” Numis Securities Ltd. said in a note to investors Monday.

Before the concentrate ban was introduced, Acacia had been making progress in turning around the troubled Bulyanhulu operation, with output at the mine increasing 6 percent in 2016 to the highest in a decade. Concentrates accounted for 45 percent of Bulyanhulu’s revenue last year and about 30 percent of the company’s total sales.

Magufuli is overhauling Tanzania’s mining industry as he seeks to generate more revenue to help finance projects including the building of a new port, railway and oil pipeline. In March, he banned mineral exports and ordered an audit to identify loopholes that he said result in income losses. Last month, the president fired Mines Minister Sospeter Muhongo after a separate probe found mineral exports had been


Tanzanian Government Accuses Acacia of Mining Gold Illegally
 

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Mfukua Makaburi

JF-Expert Member
Mar 21, 2014
3,181
2,000
Acacia lazima watulipe hela zetu.

Whatever the case lazima watulipe, hawa kenge wamekua wakiuza makontena kwa watu wengine.
 

BAK

JF-Expert Member
Feb 11, 2007
100,327
2,000
Haya yote chanzo chake ni Serikali za CCM kuamua kuifanya mikataba ya rasilimali za nchi ni siri kubwa. Hii mikataba kama ingepelekwa Bungeni mapema kama Wabunge walivyoomba ili waichambue na kuijadili kwa kina basi hali isingekuwa hivi ilivyo leo kwani kasoro nyingi sana zingegunduliwa labda miaka 15 au zaidi iliyopita.

Nampa hongera Magufuli kwa kusimama kidete na kugundua wizi mkubwa sana wa rasilimali zetu ila sasa asiwaonee huruma wahusika wote waliohusika katika kuidhinisha wizi huu na kama inawezekana wafilisiwe mali zao zote.

Hiyo kampuni wamesema hata haijasajiliwa bongo!
Haya maajabu hapo hapa tz tu
 

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