{"id":1126323,"date":"2019-07-12T15:24:43","date_gmt":"2019-07-12T15:24:43","guid":{"rendered":"https:\/\/www.mining.com\/?p=996484"},"modified":"2019-07-12T15:24:43","modified_gmt":"2019-07-12T15:24:43","slug":"tanzania-goes-after-acacia-minings-only-fully-operating-mine","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1126323","title":{"rendered":"Tanzania goes after Acacia Mining\u2019s only fully operating mine"},"content":{"rendered":"<p>The Tanzanian government has notified embattled Acacia<br \/>\nMining (LON:ACA) that it would be conducting an inspection of its North Mara<br \/>\nmine, the gold producer\u2019s main operation in the country and the only one of the<br \/>\nthree it owns that remains fully operational.<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>\u201cThe letter states that export permits for gold shipments from North Mara will be issued following completion of this inspection,\u201d Acacia <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.acaciamining.com\/media\/press-releases\/2019\/2019-07-12.aspx\" >said in a statement<\/a>.<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>It would conduct an inspection at North Mara, Acacia\u2019s main operation in the country and the only one of the three its owns that remains fully operational.<\/p>\n<\/blockquote>\n<\/figure>\n<p>The move is the latest sign of increasing government pressure on the gold miner, which <a href=\"https:\/\/www.mining.com\/barrick-gets-one-more-week-to-make-formal-offer-for-acacia\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">faces an imminent takeover<\/a> by its majority shareholder, Canada\u2019s Barrick Gold (TSX:ABX) (NYSE:GOLD).<\/p>\n<p>Acacia, Tanzania\u2019s No.1 gold producer,&nbsp;has been<br \/>\nembroiled in a&nbsp;<a href=\"https:\/\/mining.com\/no-end-sight-acacia-mining-tax-row-tanzanias-govt\/\"  rel=\"noreferrer noopener\">battle with the East African nation since 2017<\/a>, when the<br \/>\ngovernment banned exports of unprocessed metal and slapped the company<br \/>\nwith&nbsp;<a href=\"https:\/\/mining.com\/acacia-mining-now-hit-190-billion-tax-bill-tanzania\/\"  rel=\"noreferrer noopener\">a $190 billion tax bill<\/a>&nbsp;\u2014 equal to almost three<br \/>\ncenturies worth of revenue. <\/p>\n<p>After almost running out of cash, the miner had cut output<br \/>\nby a third at Buzwag and Bulyanhulu, mothballing the latter\u2019s underground<br \/>\noperations in order to stay afloat.<\/p>\n<p>It also comes just a week before a deadline for Barrick, which<br \/>\nhas a 63.9% stake in Acacia, to make a final offer for the African miner. The<br \/>\nToronto-based giant has said a takeover is the only way to resolve the tax<br \/>\ndispute with the government, <a href=\"https:\/\/www.mining.com\/acacia-disputes-barricks-criticism-of-mine-plans-asks-investors-to-take-no-action\/\"  rel=\"noreferrer noopener\">warning of a \u201ccatastrophic\u201d loss of value<\/a>&nbsp;if minority<br \/>\nshareholders opposed the deal.<\/p>\n<p>The announced inspection of North Mara\u2019s production makes for ominous reading for the company\u2019s minority shareholders, who have been resistant to the all-share offer made by Barrick in May for considering too low.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.mining.com\/wp-content\/uploads\/2019\/07\/340125923-1024x577.png\" alt=\"\" class=\"wp-image-996215\" srcset=\"https:\/\/www.mining.com\/wp-content\/uploads\/2019\/07\/340125923-1024x577.png 1024w, https:\/\/www.mining.com\/wp-content\/uploads\/2019\/07\/340125923-300x169.png 300w, https:\/\/www.mining.com\/wp-content\/uploads\/2019\/07\/340125923-768x433.png 768w, https:\/\/www.mining.com\/wp-content\/uploads\/2019\/07\/340125923.png 1296w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<p>Last year the mine, Acacia\u2019s largest, produced 336,055 ounces of gold, which the company was able to sell abroad as North Mara has not been affected by Tanzania\u2019s 2017 export ban because it produces gold dor\u00e9 bars rather than ore concentrate.<\/p>\n<p>Barrick has until July 19 to submit a new bid.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>North Mara, the company&#8217;s largest mine, has not been affected by an export ban because it produces gold dor&eacute; bars rather than ore concentrate.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[369,4],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1126323"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1126323"}],"version-history":[{"count":3,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1126323\/revisions"}],"predecessor-version":[{"id":1126330,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1126323\/revisions\/1126330"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1126323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1126323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1126323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}