Gold miner Acacia has been hit with a demand for $190bn in unpaid taxes to Tanzanian authorities in a row it has called “inaccurate and unexplainable”. The demand follows a finding by government-appointed committees that the firm was operating illegally and had understated its gold exports. Continue reading
Acacia Mining (LON:ACA), Tanzania’s No.1 gold producer majority owned by Barrick, has agreed to pay higher mining taxes in the country even though it’s still disputing in an international court some of the changes to the laws governing its three gold mines.
Barrick Gold (CN:ABX) chairman John Thornton met with Tanzanian president John Magufuli on Wednesday to discuss the issues surrounding Acacia Mining (LN:ACA) however the outcome of the meeting is unclear, the Mining Journal reports. Continue reading
Acacia Mining (LN:ACA) may have to consider operational shutdowns within its Tanzania-focused gold portfolio, after incidents this week suggested there would be no quick fix for a concentrate ban introduced in March that significantly affects revenues. Continue reading