Acacia Mining Plc |

Barrick’s Trouble in Tanzania Deepens as Acacia Chiefs Depart

DAR ES SALAAM (Capital Markets in Africa) – The downfall of Acacia Mining Plc took a new turn as the company’s top executives resigned, bringing fresh uncertainty to the future of the Tanzanian miner owned by Barrick Gold Corp. Chief Executive Officer Brad Gordon and Chief Financial Officer Andrew Wray will step down on Dec. 31, the gold miner said in a statement. The miner’s top three executives are planning to leave, as Chief Operating Officer Mark Morcombe said last month…

Barrick Will Pay Tanzania $300 Million in Acacia Tax Fight

Posted on by The Editorial Team

DAR ES SALAM (Capital Markets in Africa) – Barrick Gold Corp. agreed to pay Tanzania’s government $300 million as talks about the state’s tax dispute with unit Acacia Mining Plc continue, Chairman John Thornton said. Acacia shares surged by a record. The payment is a “a show of good faith” as a working group comprised of representatives from both sides seek to establish an ultimate resolution to the disagreement, Thornton said at a briefing Thursday after a…

Acacia Drops Most Since July on Output Cut Over Tanzania Row

Posted on by The Editorial Team

DAR ES SALAAM (Capital Markets in Africa) Acacia Mining Plc shares dropped the most since July as the company will stop underground production at Tanzania’s Bulyanhulu mine until a dispute with the government over taxes and exports is resolved. The stock declined as much as 15 percent, the most since July 25, as Acacia cut its output forecast to about 750,000 ounces, from 850,000 to 900,000 ounces, for this year. It traded down 8.9 percent by 11:31…

World’s Biggest Tax Bill Is Latest Woe for Africa Gold Miner

Posted on by The Editorial Team

DAR ES SALAAM (Capital Markets in Africa) – It was supposed to mark a fresh start for the African business of the world’s biggest gold producer. In November 2014, African Barrick Gold Plc would get a new name and new management to distance itself from a troublesome past and disputes with local politicians. Less than three years later, things are worse than ever. Acacia Mining Plc, renamed after a local tree with pom-pom blossoms and…

Tanzania Passes Laws Enabling Renegotiation of Mining Deals

Posted on by The Editorial Team

DAR ES SALAAM (Capital Markets in Africa) – Tanzania approved two laws that enable the government to renegotiate contracts with mining and energy companies as the state seeks a greater share of revenue from natural resources. The bills, which deal with state sovereignty over mineral wealth and contracts containing “unconscionable terms,” were approved by parliament on Monday 3rd July 2017. The Tanzania Chamber of Minerals and Energy (TCME), the main industry lobby group that has…

Tanzanian Government Accuses Acacia of Mining Gold Illegally

Posted on by The Editorial Team

DAR ES SALAAM (Capital Markets in Africa) – Tanzania’s government accused Acacia Mining Plc of operating illegally in the East African country and said mining companies have been evading taxes. Acacia’s shares slumped. An audit ordered by President John Magufuli in March found that Acacia had been conducting business in Tanzania “contrary to the law,” Nehemiah Osoro, chairman of a committee of academics, lawyers and economists that conducted the probe, said at a briefing Tuesday in the…