Acacia fighting $115m mineral right claim

[miningmx.com] – ACACIA Mining is contesting a $115m compensation claim from a former partner over the loss of a concession in Tanzania, said Bloomberg News, citing the UK-listed gold producer.

Bismark Hotels, a Tanzanian company, is claiming Acacia’s subsidiary company, Pangea Minerals, failed to renew an exploration over an area that Acacia said had no mineral bearing properties and for which it had made no provision in its accounts.

It has rejected the claim as “vexatious and baseless’, but Bismark said it only discovered the permit hadn’t been renewed after the partnership was terminated and it began talks with potential South African investors, said Bloomberg News.

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