Tanzania claims threaten Acacia’s “very existence” – CEO

“We have always conducted our business to the highest standards and operated in full compliance with Tanzanian law, ” the company said in a statement.

Additionally, the nation is pushing mining firms to list a 30% stake on the Dar es Salaam stock exchange by August, claiming the move will increase transparency and spread wealth from Tanzania’s natural resources. “We are supposed to share profits”, Magufuli said in a televised address.

“Even (Taiwan OTC: 6436.TWOnews) the devil is making fun of us. We can not continue like this”, he added, after receiving the report in a ceremony broadcast live.

“We have never stolen, we have never evaded taxes, we have never forged documents to avoid paying royalties and we have never been unlawful”, Gordon said in the internal memo.

A statement from Barrick said the ban on exports of unprocessed ore had been discussed.

On Monday, Magufuli ordered a revamping of the laws governing mining contracts, telling the justice department to question and if necessary prosecute officials responsible for attributing operating contracts in recent years.

The company has in several incidents announced that it was suffering loss for not exporting the concentrates, and added that it was losing $1 million a day because of a surprise ban on copper and gold concentrate exports, which has been levied by the Tanzanian government.

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 accusation came after a committee carried out an audit of the country’s mineral exports over the past 19 years.

Tanzania also exports copper, nickel, silver, diamonds and other precious stones such as tanzanite.

Acacia’s valuation has almost been halved, to some US$1.4 billion, after it stopped gold and copper concentrate exports from Tanzania following a ban by the government on unprocessed ore exports in March as part of its push for the construction of a local smelter to add value to its exports.

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