Acacia says it would cost $30-million to close Tanzania mine

[R.B]

Acacia Mining said on Friday it would cost about $30-million (U.S.) to put its Bulyanhulu mine in Tanzania under care and maintenance as an export ban on the miner’s metals weighed.

Shares in the unit of Barrick Gold rose 4.7 per cent after the company stuck to its full-year production guidance despite the ban.

Acacia is losing $15-million per month after Tanzania banned the export of all unprocessed ore in March, forcing the company to make contingency plans in case a resolution is not found.

Chief Executive Brad Gordon told a it would cost $30-million to shut Bulyanhulu mine for layoffs and breaking contracts and between $2-$3-million per month in care and maintenance charges.

Tanzanian President John Magufuli fired his mining minister and the chief of the state-run mineral audit agency last week after an investigation into possible undeclared exports by mining companies, including Acacia, to evade tax.

A second audit of Acacia is now under way after the first audit committee last week said it found Acacia had 10 times more gold in its containers than the company had declared, as well as undeclared minerals such as iron and sulphur.

Acacia has denied any wrongdoing and said it still has not seen the report.

“If we get to a point following the release of the second report where we see an impasse in dialogue with the government then we would put Bulyanhulu on care and maintenance,” Gordon said, adding that the burn on cash could also be a trigger.

The ban mainly affects the Bulyanhulu mine which is a larger, newer mine that has higher running costs. Buzwagi mine is nearing the end of its life.

It said production for the year would still fall between 850,000-900,000 ounces.

Acacia, which is also listed in Tanzania, said its cash at the end of May was $165-million.

Gordon said he was accompanied this week by Acacia Chairman and Barrick President Kelvin Dushnisky on a trip to Tanzania in an effort to resolve the ban.

 

[MKWEPA KODI]

Ngoja niwasikilize wadau wanapojadiliana ili nielewe vizuri, Kiingereza kinanitoa jasho

 

[Koryo2]

Kuna sentesi hapo juu inayosoma kuwa Acacia had more gold 10 times which has not been declared. Kama ni kweli nakubaliana na Mhe. Kessy wale watumishi wa TMAA waliokuwa wanasimamie madini kwenye Migodi husika wanyongwe kwa kupigwa risasi hadharani.

 

[R.B]

Kuna sentesi hapo juu inayosoma kuwa Acacia had more gold 10 times which has not been declared. Kama ni kweli nakubaliana na Mhe. Kessy wale watumishi wa TMAA waliokuwa wanasimamie madini kwenye Migodi husika wanyongwe kwa kupigwa risasi hadharani.

Paragraph hipi????????

 

[jogi]

Kuna sentesi hapo juu inayosoma kuwa Acacia had more gold 10 times which has not been declared. Kama ni kweli nakubaliana na Mhe. Kessy wale watumishi wa TMAA waliokuwa wanasimamie madini kwenye Migodi husika wanyongwe kwa kupigwa risasi hadharani.

([wanyongwe] kwa kupigwa risasi)!!!!!
Unajua maana ya kunyonga?

 

[The Khoisan]

([wanyongwe] kwa kupigwa risasi)!!!!!
Unajua maana ya kunyonga?

Watanzania!! Kiswahili shida na Kingereza shida. Sijui tunajua lugha gani kiufasaha.

 

[jogi]

Watanzania!! Kiswahili shida na Kingereza shida. Sijui tunajua lugha gani kiufasaha.

Acha kulalamika, tupia maana ya kunyonga watu waipime akili yako.

 

[COPPER]

Acacia Mining said on Friday it would cost about $30-million (U.S.) to put its Bulyanhulu mine in Tanzania under care and maintenance as an export ban on the miner’s metals weighed.

Shares in the unit of Barrick Gold rose 4.7 per cent after the company stuck to its full-year production guidance despite the ban.

Acacia is losing $15-million per month after Tanzania banned the export of all unprocessed ore in March, forcing the company to make contingency plans in case a resolution is not found.

Chief Executive Brad Gordon told a it would cost $30-million to shut Bulyanhulu mine for layoffs and breaking contracts and between $2-$3-million per month in care and maintenance charges.

Tanzanian President John Magufuli fired his mining minister and the chief of the state-run mineral audit agency last week after an investigation into possible undeclared exports by mining companies, including Acacia, to evade tax.

A second audit of Acacia is now under way after the first audit committee last week said it found Acacia had 10 times more gold in its containers than the company had declared, as well as undeclared minerals such as iron and sulphur.

Acacia has denied any wrongdoing and said it still has not seen the report.

“If we get to a point following the release of the second report where we see an impasse in dialogue with the government then we would put Bulyanhulu on care and maintenance,” Gordon said, adding that the burn on cash could also be a trigger.

The ban mainly affects the Bulyanhulu mine which is a larger, newer mine that has higher running costs. Buzwagi mine is nearing the end of its life.

It said production for the year would still fall between 850,000-900,000 ounces.

Acacia, which is also listed in Tanzania, said its cash at the end of May was $165-million.

Gordon said he was accompanied this week by Acacia Chairman and Barrick President Kelvin Dushnisky on a trip to Tanzania in an effort to resolve the ban.

Hawa jamaa wameshikwa pabaya. Sio bure.

 

[R.B]

HAWA ACACIA NI MAKANJANJA;
HII WANAWAPIGA BIT SHAREHOLDER. AMBAO WANATAKA KUUZA SHARE ZAO ATA KWA HASARA.

Kuwa wakitaka kujitoa gharama za kufunga mgodi mmoja ni kubwa bora waingie makubaliano na serikali , hapo JPM ndo pa kuwabania

 

[shige2]

Acacia Mining said on Friday it would cost about $30-million (U.S.) to put its Bulyanhulu mine in Tanzania under care and maintenance as an export ban on the miner’s metals weighed.

Shares in the unit of Barrick Gold rose 4.7 per cent after the company stuck to its full-year production guidance despite the ban.

Acacia is losing $15-million per month after Tanzania banned the export of all unprocessed ore in March, forcing the company to make contingency plans in case a resolution is not found.

Chief Executive Brad Gordon told a it would cost $30-million to shut Bulyanhulu mine for layoffs and breaking contracts and between $2-$3-million per month in care and maintenance charges.

Tanzanian President John Magufuli fired his mining minister and the chief of the state-run mineral audit agency last week after an investigation into possible undeclared exports by mining companies, including Acacia, to evade tax.

A second audit of Acacia is now under way after the first audit committee last week said it found Acacia had 10 times more gold in its containers than the company had declared, as well as undeclared minerals such as iron and sulphur.

Acacia has denied any wrongdoing and said it still has not seen the report.

“If we get to a point following the release of the second report where we see an impasse in dialogue with the government then we would put Bulyanhulu on care and maintenance,” Gordon said, adding that the burn on cash could also be a trigger.

The ban mainly affects the Bulyanhulu mine which is a larger, newer mine that has higher running costs. Buzwagi mine is nearing the end of its life.

It said production for the year would still fall between 850,000-900,000 ounces.

Acacia, which is also listed in Tanzania, said its cash at the end of May was $165-million.

Gordon said he was accompanied this week by Acacia Chairman and Barrick President Kelvin Dushnisky on a trip to Tanzania in an effort to resolve the ban.

Acacia Mining co. should admit liability that it colluded with un named corrupt TMAA officials in denying Tanzania the required REVENUE by under declaring the contents and composition of what was therein.
As an ordinary mwananchi I believe Tanzania wants to solve this issue AMICABLY depending on how Acacia Cooperates.
Especially if Acacia agrees to PAY back in full the REPARATION of what was rightfully OURS which was fraudulently taken out of this country in pretext of going to extract whatever minerals in Overseas Smelters..

I have no doubt that Magufuli Administration would welcome ANY favorable terms in tandem with what the government has been complaining about.

But if ACACIA Plays SHREWD then this won't help.
The evidence the GOT has in its possession against your company is overwhelming..

My ADVICE to you, just do the right thing by entreating the government to sit around the the table and solve this issue amicably.
It is not too late yet. The ball is on your side.
NB.These are my PERSONAL opinions though.

 

[The Khoisan]

Acha kulalamika, tupia maana ya kunyonga watu waipime akili yako.

Pamoja na dharau zako, na kwa kuwa nimekuquote, comment yangu nilikuwa naielekeza kwa aliyesema "Wanyongwe kwa kuigwa Risasi" ............ siyo wewe!!

 

[mngony]

Kuna sentesi hapo juu inayosoma kuwa Acacia had more gold 10 times which has not been declared. Kama ni kweli nakubaliana na Mhe. Kessy wale watumishi wa TMAA waliokuwa wanasimamie madini kwenye Migodi husika wanyongwe kwa kupigwa risasi hadharani.

Kwa mujibu wa ripoti ya kamati ya kwanza, wamenukuu. Lugha za watu ngumu

 

[zimwimtu]

Acacia Mining co. should admit liability that it colluded with un named corrupt TMAA officials in denying Tanzania the requred REVENUE by under declaring the contents and composition of what was therein.
As an ordinary mwananchi I believe Tanzania wants to solve this issue AMICABLY depending on how Accacia Cooperates.
Especially if Accacia agrees to PAY back in full the REPARATION of what was rightfully OURS which was fraudulently taken out of this country in pretex of going to extract whatever minerals in Overseas Smelters..

I have no doubt that Magufuli Administration would welcome ANY favorable terms in tandem with what the government has been complaining about.

But if ACACIA Plays SHREWED then this won't help.
The evidence the GOT has in its possesion against your company is overwhelming..

My ADVICE to you, just do the do the right thing by entreating the government to sit arround the the table and solve this issue amicably.
It is not too late yet. The ball is on your side.
NB.These are my PERSONAL opinions though.

Dah! mkuu umeongea pwoint hatareee... na kimalkia chako si mchezo. nadhani utakuwa wale wanaojiita wakili msomi!

nimekuelewa sana, japo kwa mbinde! na kimalkia changu cha uhandisi.. ha ha ha..

 

[shige2]

Dah! mkuu umeongea pwoint hatareee... na kimalkia chako si mchezo. nadhani utakuwa wale wanaojiita wakili msomi!

nimekuelewa sana, japo kwa mbinde! na kimalkia changu cha uhandisi.. ha ha ha..

Hahahaaa! Mkuu najua unaijua lugha ya Malkia saana. Shukrani kwa kunielewa point yangu.