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
Wentworth Resources reports that, further to the Operational Update in June 2017 including an update on the Company’s Mnazi Bay asset in Tanzania, it is pleased to report that further payments have been received from Tanzania Petroleum Development Corporation (‘TPDC’) and Tanzania Electric Supply Company Limited (‘TANESCO’) totalling $1.2 million net to Wentworth, bringing the total cash received for invoiced gas sales to $7.9 million in 2017. 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.
South African AngloGold Ashanti (JSE:ANG), has taken a page from Acacia Mining’s (LON:ACA) book by announcing Thursday it had begun arbitration proceedings against Tanzania over a new law that allows authorities renegotiate contracts with mining firms. Continue reading
Tanzanian President John Magufuli signed new mining bills into law on Monday (July 10) that are designed to give the government more control over mining projects in the country. Continue reading
It has also frozen the renewal of expired permits.
Tanzanian President John Magufuli has ordered the suspension of new mining licences until further notice, further complicating an already bitter dispute between the government and miners operating in the country. Continue reading
Tanzania’s parliament passed two laws on Monday allowing the government to force mining and energy companies to renegotiate their contracts, despite pleas from the mining association for more time. Continue reading