July 14, 2017 / 6:50 AM / in 4 months

Acacia to meet higher Tanzanian royalty rate on metal exports

July 14 (Reuters) - Gold miner Acacia Mining Plc on Friday said the company would meet the increased royalty rate of 6 percent imposed on metals such as gold, copper and silver under new Tanzanian natural resources legislation.

The rate has been raised from 4 percent and is in addition to the recently imposed clearing fee of 1 percent on exports out of the country.

Tanzanian President John Magufuli sent shock-waves through the mining community with a series of actions since his election in 2015 that he says would distribute revenue to the Tanzanian people. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Sunil Nair)

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