14 June 2017

Tanzania: No Agreements Made On Mining Row With Tanzanian Government, Says Acacia Mining

Photo: Daily News
Acacia Mining Plc.

Dar es Salaam — Acacia Mining PLC says no agreement has been reached yet with the Tanzanian government over the metallic mineral concentrate controversy.

A statement released 7:50pm on Wednesday following a meeting between Barrick Gold Corporation executive chairman Prof John P. Thornton and President John Magufuli at State House in Dar es Salaam on Wednesday.

After the meeting President Magufuli said Prof Thornton has admitted wrongdoing and agreed to send a team to discuss how to repay the loss the company inflicted on the government, according to a statement released by the State House.

But in its latest statement Acacia said, in fact, that no agreement has been reached.

"As the negotiations have yet to commence, no agreements have been reached, but the negotiations will seek a resolution that is in the best interests of all stakeholders," the press released posted in the company's website noted.

There is an ongoing controversy between the government of Tanzania and Acacia Mining which own three gold mines over the export of mineral concentrates. Two committees formed by President Magufuli this year have claimed that Acacia has been under-declaring the types and value of minerals found in the concentrates. Acacia Mining denies any wrongdoing on the issue and has been calling for independent investigation on the issue. Barrick Gold Corporation is Acacia's majority shareholder

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