Dar es Salaam — Tanzania’s government accused Acacia Mining of operating illegally in the East African country and said mining companies have been evading taxes. Acacia’s shares slumped. An audit ordered by President John Magufuli in March found that Acacia had been conducting business in Tanzania "contrary to the law", Nehemiah Osoro, chairman of a committee of academics, lawyers and economists that conducted the probe, said at a briefing on Tuesday in the commercial capital, Dar es Salaam. The audit covered mineral exports over the past 19 years. "We should summon them and demand that they pay us back our money," Magufuli said after receiving the committee’s report. "If they accept that they stole from us and seek forgiveness in front of God and the angels and all Tanzanians and enter into negotiations, we are ready to do business." Acacia’s shares dropped as much as 15% and were 10% lower at 269.8p by 3:08 pm in London. The company, which is majority owned by Barrick Gold, said i...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.