The Tanzanian government published a directive on 3 March 2017 that prevents the export of gold and copper concentrate from country.
To date there has not yet been a change in the situation.
Acacia Mining is a long-term investor in Tanzania and it states it is fully committed to supporting local businesses.
“To this end we have offered to support and partner with the government in a new study by third party experts to assess the economic potential of building of a smelter in Tanzania capable of processing our concentrate,” reads a statement from the company.
At Bulyanhulu and Buzwagi mines the combined direct impact of the current directive is the average daily loss of revenues of more than US$1 million per day.
Acacia Mining is taking a range of actions to help manage this financial impact while ensuring it continues to safely operate the mines.
The mines are continuing to operate as normal and as a minimum have sufficient capacity to be able to place gold/copper concentrate into containers on site beyond the end of April.
However, prior to reaching this point, during April the company will reassess how long it can continue to produce as normal if the ban remains in place and what other measures may be necessary.
Up to that point Acacia Mining will focus on engaging with the relevant authorities in Tanzania with a view to resolving the stoppage of the export of gold and copper concentrate and other related issues as soon as possible.
Feature image credit: Acacia Mining