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ACACIA DISAPPOINTED BY THE FINDINGS OF THE SECOND PRESIDENTIAL COMMITTEE - FINANCIAL-24

In Summary

The second committee chaired by Prof Nehemiah Osoro from the University of Dar es Salaam and which was tasked to look the historical economic and legal aspects of the export of metallic mineral concentrates also said Acacia Mining was selling the concentrates to third parties before exporting them outside the country contrary to its reports that it was exporting the concentrates to smelting.

Dar es Salaam. Acacia Gold Mining PLC has said on Monday that it was disappointed by allegations given by the second presidential committee that it had under-declared revenues and tax payments since it started operations in 1998 by tens of billions of US dollars.

The second committee chaired by Prof Nehemiah Osoro from the University of Dar es Salaam and which was tasked to look the historical economic and legal aspects of the export of metallic mineral concentrates also said Acacia Mining was selling the concentrates to third parties before exporting them outside the country contrary to its reports that it was exporting the concentrates to smelting.

“The concentrates are usually sold to third parties, who are business partners of Acacia, so much so that by the time they leave the mining sites they are no longer property of Acacia,” Prof Osoro said.

But Acacia Minig PLC said in its statement published in its website that Prof Osoro’s findings were wrong.

“The committee based its findings on samples from 44 containers. Based on more than 20 years of data available to us it is impossible to reconcile those findings and they grossly overstate the value of the concentrates by more than 10 times,” read the statement in part.

Prof Osoro’s committee made series of recommendations, which include the payment of outstanding taxes and royalties, re-negotiation of large-scale Mineral Development Agreements, Government ownership in the mines and the continuation of the export ban.

However, Acacia strongly refuted, what they termed as ‘new unfounded accusations’.

“We have always conducted our business to the highest standards and operated in full compliance with Tanzanian law. 

We re-iterate that we have declared everything of commercial value that we have produced since we started operating in Tanzania and have paid all appropriate royalties and taxes on all of the payable minerals that we produce,” read the statement.

Acacia insisted its partnership with the government must be based on fairness for all stakeholders, including the 96 per cent of the company’s employees in the company’s mines in the country.

According to the statement Acacia has funded US$4 billion of investment in the country as of to date.

The statement, however, insisted that Acacia remains open to further dialogue with the Government regarding the issue.

The Citizen

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