R.B
JF-Expert Member
- May 10, 2012
- 6,296
- 2,575
(“Acacia” or the “Company”) Response to Allegationson Gold/ Copper Concentrate Exports
Over the past 3 weeks, since the unanticipated announcement on 2 nd March of restrictions on the sale and export of Acacia’ gold copper concentrate products, a great deal of misinformation and inaccurate speculation has appeared in the media.
To date, we have chosen not to publically respond, with our focus on seeking to agree a way forward with the Government.
However, given the level of misinformation and inaccurate speculation, and the potential reputational and financial harm to the Company, to ouremployees and to Tanzania, we have decided to confirm Acacia’s position on a number of issues.
Acacia strongly denies the allegations made over the weekend during the inspection of containers at the Tanzanian Port Authority (TPA) that we are attempting to export gold/copper concentrates inspite of the announced restrictions.
Since the directive restricting exports, neither Acacia nor our customers have attempted to export our gold / copper concentrates. Before the announcement of the export restrictions,the 256 containers now held at ZamCargo (previously known as Mofed, Customs Freight Services, CFS) had already been transported from Bulyanhulu and Buzwagi, and the21 containers at Dar es Salaam port had already been cleared by Tanzanian Customs and were awaiting shipment.
The Tanzanian Revenue Authority (TRA) and Ministry of Energy and Minerals (MEM) are bothinvolved in the process of exporting our concentrates
.
Acacia has been exporting concentrate from Bulyanhulu since 2001 and from Buzwagi since 2010 with all associated gold, copper and silver revenue declared
.The concentrate revenue is also included in our royalty payment declarations and income tax returns to the TRA.
Bulyanhulu and Buzwagi are lawfully permitted under Tanzanian law to sell their gold/copper concentrate products to overseas customers and to export the concentrate in containers, and have been in full compliance with these laws and their export permits.
Everything we do in this regard is verified by the Tanzania Minerals Audit Agency (TMAA).
Every shipping container of concentrate is sampled under supervision by both the TMAA and SGS so that both Acacia and the Government can accurately estimate the amount of the gold, copper and silver contained in it
.
The results of this extensive sampling process are then shared amongst the TMAA,
TRA, Acacia and the smelting facility in order to determine the royalty that is payable ahead of
transport.
It is only when the sampling process is complete, and the royalty has been paid to the Government, that the containers are locked under official seal by the TMAA, MEM and TRA, and our gold/copper concentrate product can leave the mine sites.
The containers are then transported by truck to the TRA Customs office in Isaka where final export documentation is issuedbyboth MEM and TRA and containers verified for transport onto Dar es Salaam port
Over the past 3 weeks, since the unanticipated announcement on 2 nd March of restrictions on the sale and export of Acacia’ gold copper concentrate products, a great deal of misinformation and inaccurate speculation has appeared in the media.
To date, we have chosen not to publically respond, with our focus on seeking to agree a way forward with the Government.
However, given the level of misinformation and inaccurate speculation, and the potential reputational and financial harm to the Company, to ouremployees and to Tanzania, we have decided to confirm Acacia’s position on a number of issues.
Acacia strongly denies the allegations made over the weekend during the inspection of containers at the Tanzanian Port Authority (TPA) that we are attempting to export gold/copper concentrates inspite of the announced restrictions.
Since the directive restricting exports, neither Acacia nor our customers have attempted to export our gold / copper concentrates. Before the announcement of the export restrictions,the 256 containers now held at ZamCargo (previously known as Mofed, Customs Freight Services, CFS) had already been transported from Bulyanhulu and Buzwagi, and the21 containers at Dar es Salaam port had already been cleared by Tanzanian Customs and were awaiting shipment.
The Tanzanian Revenue Authority (TRA) and Ministry of Energy and Minerals (MEM) are bothinvolved in the process of exporting our concentrates
.
Acacia has been exporting concentrate from Bulyanhulu since 2001 and from Buzwagi since 2010 with all associated gold, copper and silver revenue declared
.The concentrate revenue is also included in our royalty payment declarations and income tax returns to the TRA.
Bulyanhulu and Buzwagi are lawfully permitted under Tanzanian law to sell their gold/copper concentrate products to overseas customers and to export the concentrate in containers, and have been in full compliance with these laws and their export permits.
Everything we do in this regard is verified by the Tanzania Minerals Audit Agency (TMAA).
Every shipping container of concentrate is sampled under supervision by both the TMAA and SGS so that both Acacia and the Government can accurately estimate the amount of the gold, copper and silver contained in it
.
The results of this extensive sampling process are then shared amongst the TMAA,
TRA, Acacia and the smelting facility in order to determine the royalty that is payable ahead of
transport.
It is only when the sampling process is complete, and the royalty has been paid to the Government, that the containers are locked under official seal by the TMAA, MEM and TRA, and our gold/copper concentrate product can leave the mine sites.
The containers are then transported by truck to the TRA Customs office in Isaka where final export documentation is issuedbyboth MEM and TRA and containers verified for transport onto Dar es Salaam port
