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Acacia Mining says Tanzania output hit but annual targets unchanged
June 15, 2017 / 9:11 AM / 3 months ago

Acacia Mining says Tanzania output hit but annual targets unchanged

LONDON, June 15 (Reuters) - Acacia Mining’s production of gold from Tanzania has been hit by an export ban but targets for the year remain unchanged at this stage, Chief Executive Brad Gordon said on Thursday.

The Tanzanian government and Acacia’s majority owner Barrick Gold agreed on Wednesday to begin talks over a ban in effect since March that has blocked the shipment of concentrates from two of Acacia’s three gold mines.

“There has been an impact on productivity ... but we are guiding at this stage that we will be within the guidance that we announced at the start of the year and that hasn’t changed,” Gordon said on a conference call.

The government is pushing for a local smelter to be built and has accused Acacia of tax evasion, operating without a licence and under-declaring the contents of containers prepared for shipment.

Acacia has denied all the allegations.

“It is clear from the events of the last few months that we do need to address the lack of trust between the government and Acacia,” Gordon said.

Acacia shares, which have nearly halved in value since the March 3 export ban, were up 1.5 percent at 289 pence by 0900 GMT.

Reporting by Zandi Shabalala; Editing by Dale Hudson

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