Acacia Mining (LSE: ACA), Tanzania’s largest gold producer, released a press release noting that its North Mara Gold Mine has received a letter from the Mining Commission of the Tanzanian Ministry of Minerals informing it that the Commission is soon to conduct an inspection of the mine’s gold production.
The letter states that export permits for gold shipments from North Mara will be issued following completion of this inspection.
Acacia is seeking clarification on the timing for completion of the inspection and will provide a further update in due course as appropriate.
North Mara Gold Mine
North Mara is of Acacia’s three mines in Tanzania, together with Bulyanhulu and Buzwagi.
It commenced commercial production in 2002 and has produced over 2 million ounces of gold to date.
However, in March 2017 the Ministry of Energy and Minerals of Tanzania issued a ban on the export of mineral concentrates and ores for metallic minerals such as gold, copper, nickel, and silver.
In a press release, the Ministry explained that “The ban intends to make sure that mineral value addition activities are carried out within Tanzania as emphasized in the Mineral Policy of 2009 and Mining Act of 2010.”
In May of the same year, a presidential committee found that Acacia allegedly under-declared its exports and eventually presented it with a demand for USD 190 billion in unpaid taxes.
The gold miner has always refuted the accusation and has been since in talks with the GoT for a resolution.
