Entering text into the input field will update the search result below

Acacia Mining hit with Tanzanian demand for $190B in unpaid taxes

Jul. 24, 2017 6:57 PM ETAcacia Mining plc (ABGLF) StockGOLD, ABGLF, ABGLYBy: Carl Surran, SA News Editor16 Comments
  • Acacia Mining (OTCPK:ABGLF, OTC:ABGLY) was slammed today with a demand for $190B in unpaid taxes, penalties and interest from Tanzania's government, sending shares 20% lower in London trading.
  • The government says the charge covers under-declared export revenues from the Bulyanhulu and Buzwagi mines during 2000-17, the latest twist in an increasingly ugly dispute between the government and the miner; Acacia reiterates that it has fully declared all revenues.
  • Acacia, which is majority owned by Barrick Gold (ABX), said Friday that the dispute had depleted its cash balance to $176M from $318M a year ago and that it would shutter its flagship Bulyanhulu mine at the end of the current quarter if the dispute is not resolved.

Recommended For You

Related Stocks

SymbolLast Price% Chg
ABGLF--
Acacia Mining plc