Aca­cia Min­ing in the dock

The Star Early Edition - - INTERNATIONAL -

TAN­ZA­NIA’S gov­ern­ment ac­cused Aca­cia Min­ing of op­er­at­ing il­le­gally in the coun­try and said min­ing com­pa­nies have been evad­ing taxes. Aca­cia’s shares slumped.

“The com­mit­tee has es­tab­lished that Aca­cia Min­ing has been con­duct­ing its min­ing busi­ness here in Tan­za­nia con­trary to the law,” Ne­hemiah Osoro, chair­per­son of a com­mit­tee or­dered by Pres­i­dent John Magu­fuli to con­duct an au­dit of min­eral ex­ports over the past 19 years, said yes­ter­day in the com­mer­cial cap­i­tal, Dar es Salaam.

Aca­cia’s shares dropped as much as 14 per­cent and were 5.8 per­cent lower at 282.60 pence (R46.46) by 9.34am in Lon­don yes­ter­day. The com­pany, which is ma­jor­ity owned by Bar­rick Gold Cor­po­ra­tion, said that it has “fully co-op­er­ated” with the au­dit com­mit­tee’s work.

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