Acacia disappointed in ‘unfounded’ second Presidential committee findings

June 12, 2017

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Shares of LSE-listed Acacia Mining slumped 12% after “new unfounded” accusations of the underdeclaration of revenues and tax payments stretching into the tens of billions of dollars emerged against it following the release of a report by a second Tanzanian Presidential committee on Monday. The Tanzania-focused miner on Monday “strongly refuted” the claims that it was shortchanging the government, claiming that the value of concentrates was overstated by more than ten times and that it was impossible to reconcile the findings that were based on more than 20 years of data.

Category: General