Acacia Mining
Acacia Mining's Buzwagi processing plant
LSE-listed Acacia Mining notes the findings of the Tanzanian presidential committee’s investigation into the export of gold and copper concentrates.

The committee has stated that Acacia Mining has not fully declared all of the minerals contained in the concentrate and the directive halting the export of metallic mineral concentrates remains in place.

The findings have presented to the president of Tanzania H.E. Dr. John P. Magufuli.

Acacia Mining has not yet seen a full copy of the report, which states that the value of minerals within the concentrates in the containers currently at the Dar es Salaam port is more than 10 times the declared amount.

The company is seeking a full copy of the report and further clarification.

Acacia Mining re-iterates that it fully declares everything of commercial value that it produces and pays all appropriate royalties and taxes on all of the payable minerals that it produces.

In March the company strongly denied allegations made during the inspection of containers at the Tanzanian Port Authority (TPA) that it is attempting to export gold and copper concentrates in spite of restrictions.

“Since the directive restricting exports, neither Acacia Mining nor its customers have attempted to export our gold and copper concentrates,” the company said in a press statement.

Before the announcement of the export restrictions, the 256 containers now held at ZamCargo had already been transported from Bulyanhulu and Buzwagi, and the 21 containers at Dar es Salaam port had already been cleared by Tanzanian Customs and were awaiting shipment.

The Tanzanian Revenue Authority (TRA) and Ministry of Energy and Minerals (MEM) are both involved in the process of exporting of the company’s concentrates.

Acacia Mining has been exporting concentrate from Bulyanhulu since 2001 and from Buzwagi since 2010 with all associated gold, copper and silver revenue declared.

Feature image credit: Acacia Mining

(Acacia Mining’s Buzwagi processing plant in Tanzania)