According to the Tanzania government revised tax assessments indicate that LSE-listed Acacia Mining owes the government US$190 billion.

This total stems from operations at Bulyunhulu Gold Mines (US$154 billion) and and Pangea Minerals ($36 billion) owned by Acacia Mining.

The assessments claim a total of approximately US$40 billion of alleged unpaid taxes and approximately US$150 billion of penalties and interest owed.

Acacia Mining disputes these assessments and is considering all of its options.

Bulyanhulu Gold Mines and Pangea Minerals, the owners and operators of the Bulyanhulu and Buzwagi mines, respectively, received the series of Notices of Adjusted Assessment from the Tanzania Revenue Authority for historical corporate income tax, covering the periods 2000 to 2017 for Bulyunhulu Gold Mines and 2007 to 2017 for Pangea Minerals.

The assessments were issued in respect of alleged under-declared export revenues, and appear to follow on from the findings of the First Presidential Committee announced on 24 May 2017 and the Second Presidential Committee announced on 12 June 2017.

“As we have stated previously, Acacia Mining refutes each set of findings and re-iterates that it has fully declared all revenues. We have yet to receive copies of the reports issued by the First and Second Presidential Committees.

“The allegations made by the First and Second Committees are included in the matters that both Bulyunhulu Gold Mines and Pangea Minerals have already referred to international arbitration,” Acacia Mining reiterates in a press statement.

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