ACACIA Mining insisted it declared the value of all its exported minerals despite a report presented to Tanzania’s president John Magufuli today which found mineral exporters had under-estimated minerals contained in concentrate which are currently banned from exportation.
The impact of the export ban means UK-listed gold miner, Acacia Mining, is losing some $1m in revenue per day – a development that has seen the firm’s share tumble.
Magufuli has already banned the import of thermal coal in an effort to boost the operations of domestic miners and it is thought the strategy behind the copper and gold bans is to give a lift to the country’s smelting industry.
Acacia Mining said in an announcement today that a committee consisting of Tanzania academics and industry professionals stated “… that Acacia has not fully declared all of the minerals contained in the concentrate”.
As a result a directive halting the export of metallic mineral concentrates remains in place, it said.
“Acacia 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. We are seeking a full copy of the report and further clarification,” it said in a statement.
“Acacia re-iterates that it fully declares everything of commercial value that we produce and pay all appropriate royalties and taxes on all of the payable minerals that we produce,” it said.
Earlier today, Acacia said it had “… fully co-operated with their [committee’s] work”.
