Acacia Mining: Tanzania ban costs $1 mln daily in revenue – by Susan Taylor (Reuters U.S. – March 24, 2017)

TORONTO – Acacia Mining is losing more than $1 million in revenue each day at two mines in Tanzania because of the country’s ban on exports of gold and copper concentrates, the London-listed company said on Friday.

Acacia, majority owned by Barrick Gold, said it can produce and store concentrate at its Bulyanhulu and Buzwagi mines beyond the end of April, but must assess how long that can continue if the ban remains.

“We are taking a range of actions to help manage this financial impact,” Acacia said in a statement, without specifying any measures. Acacia, the largest miner in Tanzania, said talks with government officials have failed to result in the ban being lifted.

Tanzania’s energy and minerals ministry halted the export of unprocessed ore on March 3, following President John Magufuli’s call for the construction of more gold smelters in the country, Africa’s fourth-largest gold producer.

Acacia said it has offered to partner with the government on a new study assessing the economic potential of building a smelter in Tanzania.

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