babu M
JF-Expert Member
- Mar 4, 2010
- 5,221
- 3,167
Acacia Mining plc
LSE:ACA
(“Acacia” or the “Company”)
Response to Today’s Media Reports in Tanzania
The Company notes media reports in Tanzania today that a current and a former employee of its Tanzanian businesses have been detained by the Tanzanian Prevention and Combating of Crime Bureau (“PCCB”). The PCCB are reported to have stated to Tanzanian media that they have arrested two people as part of their “ongoing investigation into natural resources exploitation” and as part of the “war that the government is waging in the Minerals sector”, and alleged that the two people arrested had “occasioned the Government losses”. The Company does not know what charges will be brought against the two people by the PCCB, or when they will be charged.
As the Company reported on 11th October 2018, in connection with charges brought against another Group employee in Tanzania, the Company’s 19 month disputes with the GoT remains unresolved. While the Company remains of the view that a sustainable negotiated resolution of its disputes with the GoT is the preferred outcome, the interests of stakeholders have been protected in the meantime through the international arbitrations commenced in respect of the Bulyanhulu and Buzwagi businesses, with a number of procedural steps completed and in which the GoT has been fully participating. The Company is also continuing to engage with Barrick Gold Corporation (“Barrick”) to seek to understand the future conduct and a timetable for the completion of Barrick’s direct discussions with the GoT, in which the Company is not directly involved.
The Company’s operations at North Mara, Bulyanhulu and Buzwagi currently remain unaffected.
The Company will provide further updates in due course.
LSE:ACA
(“Acacia” or the “Company”)
Response to Today’s Media Reports in Tanzania
The Company notes media reports in Tanzania today that a current and a former employee of its Tanzanian businesses have been detained by the Tanzanian Prevention and Combating of Crime Bureau (“PCCB”). The PCCB are reported to have stated to Tanzanian media that they have arrested two people as part of their “ongoing investigation into natural resources exploitation” and as part of the “war that the government is waging in the Minerals sector”, and alleged that the two people arrested had “occasioned the Government losses”. The Company does not know what charges will be brought against the two people by the PCCB, or when they will be charged.
As the Company reported on 11th October 2018, in connection with charges brought against another Group employee in Tanzania, the Company’s 19 month disputes with the GoT remains unresolved. While the Company remains of the view that a sustainable negotiated resolution of its disputes with the GoT is the preferred outcome, the interests of stakeholders have been protected in the meantime through the international arbitrations commenced in respect of the Bulyanhulu and Buzwagi businesses, with a number of procedural steps completed and in which the GoT has been fully participating. The Company is also continuing to engage with Barrick Gold Corporation (“Barrick”) to seek to understand the future conduct and a timetable for the completion of Barrick’s direct discussions with the GoT, in which the Company is not directly involved.
The Company’s operations at North Mara, Bulyanhulu and Buzwagi currently remain unaffected.
The Company will provide further updates in due course.
