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Update on North Mara

Thu, 11th Oct 2018 10:39

ACACIA MINING PLC - Update on North Mara

PR Newswire

11 October 2018

Acacia Mining plc


(“Acacia” or the “Company”)

Update on North Mara

The Company advises that one of its Group’s employees in Tanzania, a South African national, has been charged by the Tanzanian Prevention and Combating of Corruption Bureau (PCCB) with an offence under the Tanzanian Prevention and Combating of Corruption Act. The employee has pleaded not guilty, and been granted bail. The charges relate to the historical activities of a Land Task Force (LTF) conceived and agreed between the Government of Tanzania (GoT) and North Mara Gold Mine Limited (NMGML) in 2012 to create a transparent, safe, fair and inclusive process for valuing land that might be purchased by agreement around the North Mara mine, and which operated between 2013 and 2015.

The Company notes that the employee who has been charged was not involved in the LTF process, and appears to have been charged due to his being responsible for signing cheques for approved payments made by NMGML at the time, including a cheque regarding the agreed LTF process. Two former government officials were charged in connection with receiving funds paid by NMGML through the same transaction, while a former employee of NMGML, who left the Group in 2014, was named in connection with the transaction but the Company does not believe he has yet been charged.

The Company further notes that the PCCB has laid additional charges against a number of government officials in connection with their relationships with NMGML and North Mara, one of which also relates to the LTF exercise, but no further charges have been laid against NMGML or any of the Group’s employees.

The Company is committed to running its business to the highest ethical standards and is taking this matter extremely seriously. The Company notes that historical allegations and issues around the creation and implementation of the LTF at North Mara from 2013 to 2015 have been subsequently investigated over the past four years, including by the PCCB itself since early 2017, and NMGML and the Company have been working with and assisting the responsible authorities throughout.

In the meantime, the Company notes that its 19 month dispute with the GoT remains unresolved, and that we continue to engage with Barrick Gold Corporation (“Barrick”) to seek to understand Barrick’s expectations for the future conduct and a timetable for the completion of its discussions with the GoT. The Company remains of the view that a sustainable negotiated resolution of its disputes with the GoT is the preferred outcome, but the interests of all stakeholders are being protected through the international arbitrations commenced in respect of its Bulyanhulu and Buzwagi businesses, with a number of procedural steps completed and in which the GoT has been fully participating. The Company’s operations at North Mara, Bulyanhulu and Buzwagi remain unaffected.

The Company will provide an update in due course.


For further information, please visit our website: or contact:

Acacia Mining plc +44 (0) 20 7129 7150

Sally Marshak, Head of Investor Relations and Communications

Camarco +44 (0) 20 3757 4980

Gordon Poole / Nick Hennis

Disclaimer and forward-looking statements

This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of Acacia in any jurisdiction.

This announcement includes “forward-looking statements” that express or imply expectations of future events or results as opposed to historical facts. These statements include, financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future production, operations, costs, projects, and statements regarding future performance. Forward-looking statements are generally identified by the words “plans,” “expects,” “anticipates,” “believes,” “intends,” “estimates” and other similar expressions.

All forward-looking statements involve a number of risks, uncertainties and other factors, many of which are beyond the control of Acacia, which could cause actual results and developments to differ materially from those expressed in, or implied by, the forward-looking statements contained herein. Factors that could cause or contribute to differences between the actual results, performance and achievements of Acacia include, but are not limited to, changes or developments in political, economic or business conditions or national or local legislation or regulation in countries in which Acacia conducts - or may in the future conduct - business, industry trends, competition, fluctuations in the spot and forward price of gold or certain other commodity prices (such as copper and diesel), currency fluctuations (including the US dollar, South African rand, Kenyan shilling and Tanzanian shilling exchange rates), Acacia’s ability to successfully integrate acquisitions, Acacia’s ability to recover its reserves or develop new reserves, including its ability to convert its resources into reserves and its mineral potential into resources or reserves, and to process its mineral reserves successfully and in a timely manner, Acacia’s ability to complete land acquisitions required to support its mining activities, operational or technical difficulties which may occur in the context of mining activities, delays and technical challenges associated with the completion of projects, risk of trespass, theft and vandalism, changes in Acacia’s business strategy and ongoing implementation of operational reviews, as well as risks and hazards associated with the business of mineral exploration, development, mining and production and risks and factors affecting the gold mining industry in general.

Although Acacia’s management believes that the expectations reflected in such forward-looking statements are reasonable, Acacia cannot give assurances that such statements will prove to be correct. Accordingly, investors should not place reliance on forward-looking statements contained in this announcement. Any forward-looking statements in this announcement only reflect information available at the time of preparation. Save as required under the Market Abuse Regulation or otherwise as may be required under applicable law, Acacia explicitly disclaims any obligation or undertaking publicly to update or revise any forward-looking statements in this announcement, whether as a result of new information, future events or otherwise. Nothing in this announcement should be construed as a profit forecast or estimate and no statement made should be interpreted to mean that Acacia’s profits or earnings per share for any future period will necessarily match or exceed its historical published profits or earnings per share.

Related Shares:
Acacia Mining (ACA)

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