[caption id="attachment_1003718552" align="aligncenter" width="602"] Acacia’s Buzwagi gold mine. Credit Acacia Mining.
TANZANIA – In March the Tanzanian government banned the exports of gold and copper concentrates from that country, a move that was especially troublesome to Acacia Mining
. Many hoped the ban would be lifted, but last week the government charged Acacia with fraud by falsifying the amounts it sent out of the country.
Toronto’s Barrick Gold
, which holds a 63.6% interest in Acacia (formerly African Barrick), said its current 2017 guidance numbers assume a contribution of 545,000 to 575,000 oz. of gold from Acacia’s Bulyanhulu and Buzwagi mines. If exports remain stalled, the situation could cut Barrick’s forecast by 6%.
More than 225 containers of concentrates, representing Acacia’s January and February output, were seized in Dar es Salaam several months ago, and Acacia was accused of under-reporting its exports by 90%. Acacia insists it does fully report its exports, and is seeking a copy of the government’s report.
Barrick said in a release that it fully supports Acacia as it works to resolve this matter. However, the Canadian company did not rule out a downward revision to its 2017 guidance.
Go to www.AcaciaMining.com
for updates on the situation.