- 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.