The Government of Tanzania has accused London-listed Acacia Mining for carrying out illegal operations in the country.

A report by the Presidential Second Committee appointed by the government has alleged that Acacia falsified its accounts and tax declarations, which resulted in underpayment of tax in the range of tens of billions of dollars.

Recommendations made by the committee include the payment of outstanding taxes and royalties, renegotiation of mineral development agreements, government ownership in the mines, and continuation of the export ban.

Last month, the First Presidential Committee accused Acacia of under-reporting the amount of gold concentrate exports by as much as ten times.

"Acacia dismissed the charges as ‘unfounded accusations’."

Meanwhile, in a response to the findings of the second committee, Acacia dismissed the charges as ‘unfounded accusations’ and said that the committee based its findings on samples from 44 containers.

The company further stated that it has fully complied with Tanzanian law and has made right declarations of its operations in the country.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In addition, it reported that all applicable royalties and taxes on the company’s production were paid.

Acacia is also willing to negotiate with the government on the matter, while it continues to assess all of its options.

Headquartered in the UK, Acacia operates gold mines in Africa including three in Tanzania- Bulyanhulu, Buzwagi, and North Mara.