LSE-listed Acacia Mining has noted a directive from the Ministry of Energy and Minerals on 3 March 2017 regarding a ban on exports of gold-copper concentrate from the country.
On Friday, the Ministry said that the export of metallic mineral concentrates and ore including gold, copper, nickel and silver has been banned with effect from 2 March 2017, in a bid to ensure that mineral value addition activities are carried out within Tanzania as emphasized in the country’s Mineral Policy of 2009 and Mining Act of 2010.
“Mineral value addition activities will provide employment opportunities, revenues and technology transfer, hence more benefits to the nation,” the Ministry said.
“All the companies and individuals who were exporting concentrates and mineral ores to foreign countries for beneficiation (processing, smelting or refining) will immediately stop and start doing such activities within the country,” the Ministry stated, adding that it would provide any necessary support to stakeholders involved in mineral beneficiation activities within the country, particularly smelting and refining of minerals.
In response to this, Acacia Mining has halted exports of gold-copper concentrate and is urgently seeking further clarification from the Ministry of Energy and Minerals, with gold-copper concentrate amounting to approximately 30% of group revenues in 2016.
LSE-listed Acacia Mining is Tanzania’s largest gold miner and one of the largest producers of gold in Africa. It has three producing mines which are all located in north-west Tanzania, namely, North Mara, Bulyanhulu and Buzwagi and a portfolio of exploration projects in Tanzania, Kenya, Burkina Faso and Mali.