Technical explanation on Concentrate Ban from ACACIA Chief Operating Officer

alarming! currently ur losing dollors 1m in revenues per day on the 30% concetrate business stopped. how much do u earn from the 70% pure gold share? and it is said none of have paid tax since then? dear my country!
 
gatekeepertz said:
i do agree that acacia as company has nothing to be blamed on this issue, As business always struggle to make their investment profitable as they can.
As long they have formal agreement with Tanzania gavernment on all this. Why should we blame Them? Due to their good negotiations skills, they managed to attain the contract successful.

My concern should Tanzania government honor the gentlemen agreement as suppose to be, if they think there was some Incompetence, error, corruption or any kind of manipulations in attaining or negotiating the contract, there is proper procedures to rectify the problem.

This dictatorial ban might put government into deep hole that will be difficult to escape easily.

Serikali must admit mistake and correct it in wise and correct manner. Or else uchumi utayumba
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Serikali yetu sio ya kioga kama unavofikiri. Njia sahihi ndo hiyo.
 
Masunga Maziku said:
You forgot to add that, the companies can operate for 10 up to 20 years without paying taxes. Some companies including Acacia have been declaring losses for 17 straight years while paying dividends abroad to their shareholders.

Hii nchi tulikuwa tunachezewa kweli kweli, sasa imetosha!!
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Jamaa unahasira kama Mimi ujue.
 
Hawa wezi kwanza walipe walichoiba kwa miaka 19 alafu pili kwanini hawauzi his a zao DSE ila London kwahyo wanatufanya sisi wajinga wachimbe huku kwetu alafu wamiliki wao na huyo jamaa aliyeandika essay kama ni mtz hana utu na uzalendo zaidi ya tamaa ya tumboni kwake

More than 100 trilions of shillings for all those years those white pigs are stealing from us Magufuli eat them alive they are murderous
 
Biashara siku zote ni shughuli ya wizi "uliohalalishwa kwa ujanja" na ujinga wa upande wa pili wa mkataba husika. Mjinga huyo akielimika na kugundua udhaifu uliomuumiza hana budi kulazimisha mabadiliko katika biashara husika ili wafaidi pande zote bila dhuruma kati yao. Wazungu tangu enzi ni wezi kwa wanyonge ndio maana uhuru wa ukombozi ni lazima na muhimu. Ni vita ngumu ni lazima kushinda. Madini ni yetu hayaozi hatulazimiki kuwauzia kiunyonyaji.
 
you are too negative to these companies as if they had totally done zero to this country's economy,in my view its not true. it seems you are just reading in books and papers you have not lived in Geita, kakola, Ilogi,Bugarama etc. thinking of those thousands of people who are getting direct benefits out of those investments, expelling them as you are suggesting, to me its a sharp knife cutting mercilessly my fresh. am not an employee and i never was but i used to live in those places. am not saying they are honest hundred percent, there can be some dubious things they are doing but i think we need to approach this issue with a WIN WIN GOAL ACHIEVEMENT rather than the way you are suggesting
 
Johnson Fundi said:
you are too negative to these companies as if they had totally done zero to this country's economy
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What had they done to our country's economy?
in my view its not true.
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So what's your suggestion?
it seems you are just reading in books and papers you have not lived in Geita, kakola, Ilogi,Bugarama etc.
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I was born and raised in mining areas, Shinyanga. Also I'm not a layman, I have a wide ranging of metallurgy and mineral processing plant dealt with rocks, minerals and gemstones. While I specialize in extractive metallurgy, I'm familiar with both the mechanical and physical metallurgy as well.
thinking of those thousands of people who are getting direct benefits out of those investments, expelling them as you are suggesting to me is a sharp knife cutting mercilessly my fresh.
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If I steal your farm then give you oranges from your orchard, it's not charity.

If they loot our minerals but pay for our cast through employment, is it really a benevolent act?

Faced with the truth and you'll still can't admit the very malicious and old school investment style of these multinational companies.
am not an employee and i never was but i used to live in those places.
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These companies are getting wealthy and causing irreparable to the specific places and its citizens lives, a good example is Tarime district.
am not saying they are honest hundred percent, there can be some dubious things they are doing but i think we need to approach this issue with a WIN WIN GOAL ACHIEVEMENT rather than the way you are suggesting
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Our government is trying to do so, but a win - win deal for both parties has no bearing on the obvious fact that mining company like Acacia was a natural consequence of the social relation and murderous drive to our economic expansion.
 
Walete hizo data kwenye meza ya mazungumzo, mbona wanakimbilia media? Serikali inazo data zao zote, containers bado zipo pale, list za ulipaji wao wa kodi zipo! Data za containers zilizosafirishwa zipo, data zao mauzo ya dhahabu kidunia za nyuma namna walivyokuwa wanawapa gawio wanahisa wao na sifa kemkem za kupata faida zipo, declaration za wao kupata hasara wakiiambia serikali zipo, sasa si waje, mbona propaganda nyingi? Magu alikubali mazungumzo sasa tatizo nini? Wanataka kuiaminisha dunia nini? Sasa si waje na data.

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Acacia facts behind the TANZANIAN Export ban
Acacia is a law abiding company that has always declared all materials it has produced and paid all royalties and taxes that are due.

Under our agreements with the Tanzanian Government, our mines are permitted to sell their fully declared gold/copper concentrate products to overseas customers and to export the concentrates in containers, and they are in full compliance with the agreements and our export permits. Since March 3rd 2017 an export ban has been imposed on gold/copper concentrate exports which impacts around 50% of our combined production at Bulyanhulu and Buzwagi.

Acacia has also called for an independent review of the recent First and Second Presidential Committee reports that generated, in our view, inaccurate and unexplainable findings and allegations. Acacia strongly refutes these unfounded accusations. We have always conducted our business to the highest standards and operated in full compliance with Tanzanian law. In addition, our published accounts are annually audited to an international standard in accordance with IFRS.

Acacia has been operating in Tanzania for nearly 20 years with three gold producing mines, Bulyanhulu, Buzwagi and North Mara, all located in the north-west region of the country.

During that time, Acacia has contributed significantly to the national and local economy, establishing itself as the largest investor and employer in Tanzania.

The continuation of the export ban will not only hurt Acacia’s ability to conduct future business in the country, but will directly and negatively affect the lives of thousands of Tanzanians. The security of the 36,200 indirect and induced jobs that rely on Acacia’s mining operations, as well as the company’s ability to invest in education, infrastructure and health projects will all be under threat.

As a company, we are and always have been committed to acting responsibly towards the people of Tanzania, their environment and their communities. This sits at the heart of our culture as a foreign company investing in Tanzania. Foreign investment and the private sector plays an important role in the economic advancement of Tanzania and we ask that the people of Tanzania’s economic future is not put at risk.

On 16 June Acacia announced that Barrick and the Government of Tanzania agreed to enter into discussions in order to reach a mutually acceptable solution to the issues relating to the ban on the export of gold/copper concentrates as well as the future framework for Acacia’s operations in Tanzania.

On 29 June 2017 the Government of Tanzania announced the publication of draft legislation which recommended changes to the legal framework governing the natural resources sector in Tanzania. In addition to this Parliament has approved the new Finance Act, which will impose a 1% clearing fee on the value of all minerals exported from the country from the 1st July 2017.

New legislation was urgently passed by the Parliament in Tanzania on 3 July 2017 completely altering the legal and regulatory regime that had attracted FDI in the entire resources sector to date. The legislation is expected to become law in early July.

On 4 July 2017 Acacia announced that Notices of Arbitration were served in Tanzania on behalf of Bulyanhulu Gold Mine Limited (“BGML”), the owner of the Bulyanhulu mine, and Pangea Minerals Limited (“PML”), the owner of the Buzwagi mine.
 
Disputed Tax Assessments claimed by Acacia

On 24 July, Bulyanhulu Gold Mine Limited (“BGML”) and Pangea Minerals Limited (“PML”), the owners and operators of the Bulyanhulu and Buzwagi mines, respectively, received a series of Notices of Adjusted Assessment (the “Assessments”) from the Tanzania Revenue Authority (“TRA”) for historical corporate income tax, covering the periods 2000 to 2017 for BMGL and 2007 to 2017 for PML. The Assessments were issued in respect of alleged under-declared export revenues, and appear to follow on from the findings of the First Presidential Committee announced on 24 May 2017 and the Second Presidential Committee announced on 12 June 2017. As we have stated previously, Acacia refutes each set of findings and re-iterates that it has fully declared all revenues. We have yet to receive copies of the reports issued by the First and Second Presidential Committees. The allegations made by the First and Second Committee are included in the matters that both BGML and PML have already referred to international arbitration

The Assessments assert that BGML owes the Government a total of approximately US$154 billion, and PML approximately US$36 billion. The Assessments claim a total of approximately US$40 billion of alleged unpaid taxes and approximately US$150 billion of penalties and interest owed. Acacia disputes these assessments. The Company is considering all of its options and rights and will provide a further update in due course.

To put the amount that Acacia purportedly owes (US$190 billion) into context:

It is the equivalent to 424 trillion Tanzanian shillings.

It is more than ten times the amount that all the Top 5 global gold miners combined have paid in taxes since 2000.

It is 5 times bigger than the total annual sales of the biggest 10 gold companies in the world combined.

It is over 30 times the total revenue that has been generated by Bulyanhulu and Buzwagi since their inception.

It is over 200 times Acacia’s market value (as at 25 July 2017).

It is over 1,000 times greater than the total amount of cash that Acacia has in the bank (as at 30 June 2017).

It is 4 times the entire GDP of Tanzania 2016.

It is greater than the annual GDP of 140 of the 191 countries in the world, according to the International Monetary Fund’s statistics from 2016.
 
Masunga Maziku said:
Canada Just Can't Quit Its Most Abusive Mining Company

Nearly two years in, the Trudeau regime has yet to follow through on any of their promises to rein in Canada's controversial international mining sector.

Yves Engler: Writer and Political Activist

Will the Canadian government continue to support Barrick Gold's exploitation of mineral resources in Tanzania no matter what abuses the company commits?

Would the Trudeau government stop backing the Toronto-based firm if it bilked the impoverished nation out of $10 billion?

Or, what if one thousand people were raped and seriously injured by Barrick security?

Would Ottawa withdraw its support if one hundred Tanzanians were killed at its mines?

View attachment 558812
Protesters hold signs near police as Barrick Gold holds their annual shareholders meeting in Toronto, Ont., on April 25, 2017.

Barrick's African subsidiary, Acacia Mining, is embroiled in a major political conflict in the east African nation. With growing evidence of its failure to pay royalties and tax, Acacia has been condemned by the president, had its exports restricted and slapped with a massive tax bill.

In May, a government panel concluded that Acacia significantly underreported the percentage of gold and copper in mineral sand concentrates it exported. The next month a government commission concluded that foreign mining firms' failure to declare revenues had cost Tanzania $100 billion. According to the research, from 1998 to March 2017, the Tanzanian government lost between 68.6 trillion and 108.5 trillion shillings in revenue from mineral concentrates.

The controversy over Barrick's exports led President John Magufuli to fire the minister of mining and the board of the Minerals Audit Agency. Tanzania's parliament has also voted to review mining contracts and to block companies from pursuing the country in international trade tribunals.

While the political battle over royalty payments grows, human rights violations continue unabated at Barrick's North Mara mine. A recent MiningWatch fact-finding mission discovered that:


At least 22 people have been killed and 69 injured near or at the North Mara mine since 2014. Most of the victims were impoverished villagers who scratch rocks for tiny bits of gold and who often mined these territories prior to Barrick's arrival. An early 2016 government report found security and police paid by Barrick had killed 65 people and injured 270 at North Mara since 2006. Tanzanian human rights groups estimate as many 300 mine-related deaths, and the Financial Times reports that not a single police officer or security guard working for the company has been killed on duty.

Amidst the violence at North Mara and an escalating battle over unpaid tax, Canada's High Commissioner set up a meeting between Barrick Executive Chairman John Thornton and President Magufuli. After accompanying Barrick's head to the encounter in Dar es Salaam, Ian Myles told the press, "Canada is very proud that it expects all its companies to respect the highest standards, fairness and respect for laws and corporate social responsibility. We know that Barrick is very much committed to those values."

View attachment 558813
Barrick Gold Executive Chairman John Thornton attends the company's annual shareholders meeting in Toronto, Ont. on April 25, 2017.

Appointed by Trudeau last year, Myles — whose "passion for international development began" when he was 17, according to a University of Toronto profile — took a page out of Stephen Harper's playbook. During a 2007 trip to Chile, the former prime minister responded to protests against various ecological and human rights abuses at the firm's Pascua Lama project by saying: "Barrick follows Canadian standards of corporate social responsibility."

A Tanzania Business Ethics columnist was not happy with the High Commissioner's intervention. In response, Samantha Cole wrote:


Disregarding its election promise, the Trudeau government is openly throwing this country's diplomatic weight behind Canada's most controversial mining company in the country where it has committed its worst abuses. When asked about Canada's massive international mining industry during the election, the party responded: "The Liberal Party of Canada shares Canadians' concerns about the actions of some Canadian mining companies operating overseas and has long been fighting for transparency, accountability and sustainability in the mining sector."

The Liberals' statement included explicit support for An Act Respecting Corporate Accountability for Mining, Oil and Gas Corporations in Developing Countries, which would have withheld some diplomatic and financial support from companies found responsible for significant abuses abroad. Similarly, the Liberals released a letter about the mining sector during the 2015 election that noted, "a Liberal government will set up an independent ombudsman office to advice Canadian companies, consider complaints made against them and investigate those complaints where it is deemed warranted."

Nearly two years into their mandate, the Trudeau regime has yet to follow through on any of their promises to rein in Canada's controversial international mining sector. In fact, the Liberals have largely continued Harper's aggressive support for mining companies.

If the Liberals are prepared to openly back Barrick in Tanzania, one wonders what exactly a firm would have to do to lose Trudeau's support.

Source: Canada Just Can't Quit Its Most Abusive Mining Company
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Who sets Cooperate Social Responsibilities Scenario? The Tanzania government; the mining companies or jointly? Do our laws say anything regarding locals' lives betterment from national or international investments?
 
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