Acacia Mining Share Discussion Threads

[1corrado] 25/7/2017 08:04

ACA has not open as yet for trading????????????????????????????

[enami] 25/7/2017 08:02

Surely the RNS figures should be in TZ shillings not US$

1,000 USD = 2,237,159 TZS

[enami] 25/7/2017 07:53

The bad news weekly chart - based on a 1.618 Fib extexnson of the original fall from ATH 614 gives a target of just below 100p


free stock charts from uk.advfn.com

[1corrado] 25/7/2017 07:32

ADFVN does not show bid and offer why?? have they suspended their share following the most ridiculous RNS I ever seen???????????????

[enami] 25/7/2017 07:28

WOW the tax figures quoted in last night's RNS look so ridiculous.

"The Assessments assert that BGML owes the Government a total of approximately
US$154 billion, and PML approximately US$36 billion. The Assessments claim a
total of approximately US$40 billion of alleged unpaid taxes and approximately
US$150 billion of penalties and interest owed. Acacia disputes these
assessments. The Company is considering all of its options and rights and will
provide a further update in due course."

If they can do this to their largest foreign investor then all the other foreign companies must be quaking in their boots.

Barrick Gold Corporation (ABX) market capitalisation is US$ 16.565 billion according to Yahoo.

[1corrado] 25/7/2017 07:20

Any known what is going on? the share are not priced have they applied for the share to be suspended?

[robizm] 24/7/2017 21:51

You should ask what is this company worth without tanzania. They have cash and expliration assets

[stevea171] 24/7/2017 20:43

Barrick Gold, parent of ACA, down 23% from $20+ to $15.42 in the past few months.
Also likely to go lower as TG goes for the jugular here, albeit on unfounded and unproven trumped up charges.

But what the heck. Previous Rule of Law no longer applies in TZ with a few strokes of Magufuli's pen ....

[robizm] 24/7/2017 20:32

Who would buy unless it is option money. Late rns would not have been seen by many. I will not touch anything in that coutry until president goes. Shg solo aex ophir it is all risky now

[electrick] 24/7/2017 20:26

and there it is... a sad day for many Tanzy stocks...
Political risk just off the scale

How low now.. surely another 20% tomorrow

[stevea171] 24/7/2017 19:37

Acacia Mining now hit with $190 billion tax bill in Tanzania
Shares collapsed on the news to close almost 21% lower in London.
Cecilia Jamasmie | about 2 hours ago | 382 | 1

Things are going from bad to worse for Acacia Mining (LON:ACA), one of the largest gold producers in Africa, as the government of Tanzania sent the company a $190-billion bill in fines and allegedly unpaid taxes from two of its mines.

Together with disputing the astronomic bill, the company — Tanzania's No.1 gold producer — said it’s evaluating all of its options and rights, adding it will provide a further update in due course.

Shares collapsed once again on the news to close almost 21% lower in London at 184.5p, dragging the company's market value to less than $984 million, according to Google Finance. The stock has lost 66% of its value since March, when President John Magufuli’s ban on concentrates exports came into effect, affecting two of Acacia’s three mines or about a third of the firm’s output.

Acacia, which spun off from Barrick Gold in 2010, but it’s still majority-owned by the gold giant, first locked horns with the government of Tanzania last year, as it was accused of tax evasion in the ongoing case that triggered today’s multi-billion bill. The dispute escalated in March, when the concentrates ban officially began.

Less than four months later, Tanzania accused the company of operating illegally and said it had found evidence of the alleged tax evasion as a presidential team found the value of minerals within raw concentrate at the port of Dar es Salaam was 10 times higher than Acacia’s declared amount.

The escalating conflict pushed Barrick to intervene and Acacia to file arbitration notices for its Bulyanhulu and Buzwagi mines in order to protect its shareholders and the company, aiming to reach a settlement.

In mid-July, the miner agreed to pay higher taxes in the country and it’s now paying a 6% royalty, up from 4%, on metallic minerals including gold, copper and silver. The company, which spun off from Barrick Gold in 2010, also said it would continue to pay the recently imposed 1% clearing fee on exports.

The firm disclosed last week that members of its staff had been arrested and questioned, but denied early reports claiming that Tanzania had asked its foreign workers to leave the country.

World’s largest gold producer Barrick, which has a 64% stake in Acacia, is currently in talks with authorities in hopes of reaching a agreement over the claims against its subsidiary and the country’s current ban on mineral concentrate exports.

Acacia Mining, which owns and operates Tanzania’s three major mines, is also facing a lawsuit in the UK from relatives of miners who died at North Mara. Law firm Deighton Pierce Glynn is acting on 10 cases, most of which relate to incidents since 2013, and one as recently as last year.

According to Tanzania’s official data, 65 civilians have been killed by police at North Mara for trespassing since 2006 and another 270 have been injured.

[novicetrade68] 24/7/2017 19:24

Tanzania bond interest rates spiking to over 12%, that is to an extend the other side of the coin, the more Magufuli presents himself as a buffoon (international) lenders will want a higher rate on the money they've lend to the country. Whether the government cares is of course a different question.

[qs99] 24/7/2017 19:19

Does look like a Mugabe style dictatorship "grab".......if this continues, then it's other main earner tourism will take a hit, Chinese may try and move in, but downhill from there....shame, have been there, lovely country and people....

[augustusgloop] 24/7/2017 19:15

When has an international court ever acted against an African government over commercial matters?

And if they did - how long would it take to resolve - 10 years?

The numbers don't matter - they just have to be sufficiently large that the Company can not possibly pay them.

Its a land grab - plain and simple.

The Chinese have form for grabbing mines themselves (I was in GGG when they grabbed that mine). So, they will do what's in their best interest - if they are offered the mine - I have no doubt that they would take it.

[blindsquirrel] 24/7/2017 18:56

Pediment, yes and I don't expect them to be on ice for long after today's development. Expect criminal charges soon and further tanking of the share price

[nav_mike] 24/7/2017 18:51

LOL that clown in charge must think ACA is going to single handedly wipe out the country's national debt....thats one hell of an economics book hes been reading :)

[pediment] 24/7/2017 18:46

There are unlikely to be 'direct' international implications with regard to a domestic tax dispute with a single mining company (as the Tanzanian govt. will word it), however the repercussions may well be significant.

I suspect fraud allegations against ACA are being kept on ice for the moment.

[blindsquirrel] 24/7/2017 18:18

Red, I agree and hope you are right. Problem is these African leaders can be very stubborn and will never admit they are wrong, they will blame the colonists as usual. Either way I can't see this being solved anytime soon. Oh yeah, did I mention SELL lol. Good luck all.

[lefrene] 24/7/2017 18:13

The Mugabe school of how to destroy a country. Essentially they seem to want to seize the assets for nothing and then presumably sell it to the Chinese? Tanzania just became uninvest able.

[redtrend] 24/7/2017 18:12

Blind - I know but Tanzania doesn't operate in a vacuum and doubt international arbitrators will side with Tanzanian Government on applying such terms retrospectively in contravention of international law.

So again you're back to the above. Tanzanian Government is within its rights to do whatever it want in its own land... but that will come with huge international implications.

As soon as an independent survey is allowed on the concentrates, I wonder what that will show up? If no such independent survey is allowed on the concentrates by the Tanzanian government, how do you reckon that will go down in the international arbitration?

[gersemi] 24/7/2017 18:07

You can smell the Chinese all over this. political scum.no decency, no morals, no ethics

[blindsquirrel] 24/7/2017 18:06

Redtrend, one of the new laws that Tanzania has put forward is that only Tanzanian courts can rule on Tanzanian mining disputes.....outrageous and I hope the IC will support ACA but either way the government there will find another way of ruining/stealing this business and yes I'm sure the Chinese will be there to help the government in anyway they can.

[redtrend] 24/7/2017 17:59

Fine the company on false outrageous pretext with no grounding and feel the full weight of international law (which Tanzania is of course a signatoree of on UN resolutions governing International Arbitration)

See FDI completely dry up, international sanctions and hundreds of millions of EU, IMF and WB funds withheld for much needed infrastructure projects, Oil producers back out of $30bn LNG project, mine production collapse and revenues and taxes shrivel.

Of the concentrates you can produce, good luck getting that refined out of the country with sanctions... Of course the Chinese may do it at a premium.

Of course anything that is refined out of country will no doubt be confiscated and paid to Acacia in way of compensation.