13 June 2017

Tanzania: Acacia Wants an Independent Review On Presidential Committees' Findings On Mineral Sands Saga

Photo: Daily News
Acacia Mining Plc.

Dar es Salaam — Acacia Gold Mining PLC has reiterated its call for an independent review to encompass the first and second presidential committee reports on the metallic mineral concentrates.

In a statement posted in the company's website, Acacia insists that the reports have generated inaccurate and unexplainable findings and allegations.

The statement added that the company has called for a resolution of the current situation and lifting of the export ban, which is impacting around 50 per cent of its combined production at Bulyanhulu and Buzwagi Gold mines.

Acacia, which has operated in the country for nearly 20 years, has insisted that it has been a law abiding company that has always declared all materials it has produced and paid all royalties and taxes that are due.

"Our mines are permitted under Tanzanian law 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 Tanzanian law and our export permits," reads the statement in part.

"In addition, our published accounts are annually audited to an international standard in accordance with IFRS (International Financial Reporting Standards)," the statement indicates.

Acacia warns that the continuation of the export ban will not only hurt its ability to conduct future business in the country, but will directly and negatively affect the lives of thousands of Tanzanians.

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