FRANCIS DA DON
JF-Expert Member
- Sep 4, 2013
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Ona habari picha hapo chini
Shares in Tanzania-focused gold miner Acacia Mining fell as much as 12 per cent on Wednesday morning after the Tanzanian government accused it of under-reporting the mineral content of its exports and said it would maintain its ban on exports of unprocessed gold and copper.
The London-listed company said an investigation by Tanzania’s Presidential Committee said Acacia had “not fully declared all of the minerals contained in the concentrate and the directive halting the export of metallic mineral concentrates remains in place.” The investigation follows Tanzania’s decision in March to ban exports of gold and copper concentrates in an effort to boost processing of metals in the country.
An investigation found that the value of minerals within concentrates in containers at the country’s Dar es Salaam port was more than 10 times the declared amount, Acacia said. President John Magufuli fired his mining minister and chief of the state-run mineral audit agency shortly after the report was released, Reuters reported.
Acacia denied misreporting the value of its products, and said: We are seeking a full copy of the report and further clarification. Acacia re-iterates that it fully declares everything of commercial value that we produce and pay all appropriate royalties and taxes on all of the payable minerals that we produce.” Shares in the company were down 9.1 per cent at publication time, to 394p.
Source: The Financial Times
Shares in Tanzania-focused gold miner Acacia Mining fell as much as 12 per cent on Wednesday morning after the Tanzanian government accused it of under-reporting the mineral content of its exports and said it would maintain its ban on exports of unprocessed gold and copper.
The London-listed company said an investigation by Tanzania’s Presidential Committee said Acacia had “not fully declared all of the minerals contained in the concentrate and the directive halting the export of metallic mineral concentrates remains in place.” The investigation follows Tanzania’s decision in March to ban exports of gold and copper concentrates in an effort to boost processing of metals in the country.
An investigation found that the value of minerals within concentrates in containers at the country’s Dar es Salaam port was more than 10 times the declared amount, Acacia said. President John Magufuli fired his mining minister and chief of the state-run mineral audit agency shortly after the report was released, Reuters reported.
Acacia denied misreporting the value of its products, and said: We are seeking a full copy of the report and further clarification. Acacia re-iterates that it fully declares everything of commercial value that we produce and pay all appropriate royalties and taxes on all of the payable minerals that we produce.” Shares in the company were down 9.1 per cent at publication time, to 394p.
Source: The Financial Times
