babu M
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- Mar 4, 2010
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Acacia Mining shares rose 4.6 per cent on Thursday morning, after the gold producer said it did not intend to increase a provision relating to its dispute with the government in Tanzania following an announcement from its majority shareholder that it was raising the level of its own provision by $172m.
Last week Acacia’s owner Barrick Gold said it had reached an agreement with the government of Tanzania to end a dispute over Acacia’s mines in the country, which have been unable to export since March. The deal involved Acacia paying $300m to the Tanzanian government as a “good faith” payment.
Earlier this year, Tanzania accused Acacia of owing $193bn in tax and unpaid penalties to the East African country.
In Barrick’s third quarter earnings on Wednesday, the Canadian company said it increased its existing tax provision of $128m by $172m in the third quarter to allow for the $300m payment to the Tanzanian government from Acacia. The $300m payment will be paid out of Acacia’s ongoing cash flows and is conditional on it being able to sell gold, Barrick said.
But Acacia said Thursday it has still not received a detailed proposal from Barrick on the deal and could not set a tax provision for the $300m payment. Its provision remains at $128m.
“Once Acacia has received and had the opportunity to assess a detailed proposal, Acacia will also be able to assess the potential impact on Acacia’s historical uncertain tax provisions,” Acacia said. Barrick said it expects to give Acacia a detailed proposal during the first half of 2018. It is subject to review and approval from Acacia.
Source: Financial Times
Link: Subscribe to read
My Take: Inawezekana Serikali inachezewa cheusi chekundu!
Acacia Q3 results report to the shareholders was due on 20th October na share price za Acacia zilikuwa zina trade at 182p. Kutokana na press conference ya makubaliano ya Barrick na Serikali tarehe 19th October, share price za Acacia ziliongezeka kwa 30p mpaka 212p ndani ya masaa machache.
Acacia walipotoa Q3 results report siku inayofuatia, 20th October ambayo ilionyesha mapato yao yameshuka. Share price ilishuka mpaka 194p. Ili ni ongezeko la 12p nabla ya press conference na Acacia report.
Hapa ndio nimeona serikali imechezewa: Acacia kama wangetoa Q3 result report bila ile press conference ya agreement kati ya serikali na Barrick. Share price za Acacia zingeshuka kwa asilimia kubwa. Ingeweza hata ku set new record ya "52 week low" ambayo sasa hivi ni 152p.
Kwa mtazamo ili press conference ya Acacia ilisaidia ku stabilise share price za Acacia.
Sasa Iko kiunzi kimesharukwa. Now, Kwenye trading report ya Barrick this week wameandika wata provide further details to Acacia during the first half 2018. Acacia Q4 report ni 25th January 2018 kama sijakosea.
Hii delay tactic ni kuongeza political pressure na kuiweka serikali rehani. Naomba Magufuli alione ilo na awakomalie!!
Serikali wakikubali kuachia yale Makontena. Sitashaanga Acacia in 2018 wasema shareholders wamekataa na wanaenda Mahakamani.
Last week Acacia’s owner Barrick Gold said it had reached an agreement with the government of Tanzania to end a dispute over Acacia’s mines in the country, which have been unable to export since March. The deal involved Acacia paying $300m to the Tanzanian government as a “good faith” payment.
Earlier this year, Tanzania accused Acacia of owing $193bn in tax and unpaid penalties to the East African country.
In Barrick’s third quarter earnings on Wednesday, the Canadian company said it increased its existing tax provision of $128m by $172m in the third quarter to allow for the $300m payment to the Tanzanian government from Acacia. The $300m payment will be paid out of Acacia’s ongoing cash flows and is conditional on it being able to sell gold, Barrick said.
But Acacia said Thursday it has still not received a detailed proposal from Barrick on the deal and could not set a tax provision for the $300m payment. Its provision remains at $128m.
“Once Acacia has received and had the opportunity to assess a detailed proposal, Acacia will also be able to assess the potential impact on Acacia’s historical uncertain tax provisions,” Acacia said. Barrick said it expects to give Acacia a detailed proposal during the first half of 2018. It is subject to review and approval from Acacia.
Source: Financial Times
Link: Subscribe to read
My Take: Inawezekana Serikali inachezewa cheusi chekundu!
Acacia Q3 results report to the shareholders was due on 20th October na share price za Acacia zilikuwa zina trade at 182p. Kutokana na press conference ya makubaliano ya Barrick na Serikali tarehe 19th October, share price za Acacia ziliongezeka kwa 30p mpaka 212p ndani ya masaa machache.
Acacia walipotoa Q3 results report siku inayofuatia, 20th October ambayo ilionyesha mapato yao yameshuka. Share price ilishuka mpaka 194p. Ili ni ongezeko la 12p nabla ya press conference na Acacia report.
Hapa ndio nimeona serikali imechezewa: Acacia kama wangetoa Q3 result report bila ile press conference ya agreement kati ya serikali na Barrick. Share price za Acacia zingeshuka kwa asilimia kubwa. Ingeweza hata ku set new record ya "52 week low" ambayo sasa hivi ni 152p.
Kwa mtazamo ili press conference ya Acacia ilisaidia ku stabilise share price za Acacia.
Sasa Iko kiunzi kimesharukwa. Now, Kwenye trading report ya Barrick this week wameandika wata provide further details to Acacia during the first half 2018. Acacia Q4 report ni 25th January 2018 kama sijakosea.
Hii delay tactic ni kuongeza political pressure na kuiweka serikali rehani. Naomba Magufuli alione ilo na awakomalie!!
Serikali wakikubali kuachia yale Makontena. Sitashaanga Acacia in 2018 wasema shareholders wamekataa na wanaenda Mahakamani.
