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Acacia Mining Given Green Light to Gold Export

North Mara Gold Mine

Acacia Mining (LSE: ACA), Tanzania’s largest gold producer, has received on 9th August 2019 a letter from the Mining Commission of the Tanzanian Ministry of Minerals authorizing the company to resume gold exports from North Mara mine, subject to its adherence to the export procedure.

The letter follows an investigation which the Mining Commission conducted at the mine on 30th and 31st July 2019, and an earlier letter dated 12 July 2019 from the Mining Commission which suspended gold shipments from North Mara pending the investigation.

Acacia notes that today’s letter also states that the Mining Commission believes that certain provisions of the Mining Regulations, 2010 were violated and directs the North Mara mine to submit a feasibility study report and current mine plan for its approval by 16th August 2019. 

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Acacia Mining is currently in a raw with the Government of Tanzania (GoT) after a presidential committee found in May 2017 that the company 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.

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