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Statement on North Mara

Thu, 10th Jan 2019 10:08


ACACIA MINING PLC - Statement on North Mara

PR Newswire

10 January 2019

Acacia Mining plc

LSE:ACA

(“Acacia” or the “Company”)

Statement on North Mara

Acacia informs the market that its North Mara mine (“the Mine”) has received an Environmental Protection Order (“EPO”), requiring payment of a fine of 300,000,000 Tanzanian Shillings (US$130,000) in relation to alleged breaches of environmental regulations in Tanzania. The Mine has not yet received any supporting reports, findings or testing data in relation to the matters set out in the EPO and is currently assessing the technical basis of the alleged non-compliances.

Acacia also notes media reports in Tanzania that the Government of Tanzania (“GoT”) has issued a directive to the Mine to construct a new Tailings Storage Facility (“TSF”) at North Mara. Whilst the Mine has been verbally directed to construct a new TSF, the Mine has not yet received any written notice or directive from the GoT. The Mine has already recognised the need for additional tailings management and storage capacity to meet its life of mine plans and, while the Mine does not yet have detailed or fully costed plans or project schedules for the construction of a new facility, Acacia expects that a new TSF is likely to be an economically viable alternative to further expansions of the existing TSF at the Mine.

Acacia also notes the National Environment Management Council’s (“NEMC”) reported findings regarding discharges of a hazardous substance at the mine. We are awaiting NEMC’s detailed reports, findings and testing data in relation to this allegation but are not aware of any such discharge. The Mine believes that these reports relate to a longstanding seepage issue at the base of the TSF, which is already well known to NEMC and the GoT. This seepage remains managed by pumps which return the water to the TSF and it is, therefore, contained on the mine site, does not flow into the surrounding environment or present a risk of contamination to any public water source.

Operations at the Mine remain unaffected. Acacia will provide further updates as required.

ENQUIRIES

For further information, please visit our website: http://www.acaciamining.com/ 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

About ACACIA

Acacia Mining plc (LSE:ACA) is the UK holding company of the Acacia Group, Tanzania’s largest gold miner and one of the largest producers of gold in Africa. The Acacia Group has three mines, all located in north-west Tanzania: Bulyanhulu, which is owned and operated by Bulyanhulu Gold Mine Limited, Buzwagi, which is owned and operated by Pangea Minerals Limited and North Mara, which is owned and operated by North Mara Gold Mine Limited. The Acacia Group also has a portfolio of exploration projects in Kenya, Burkina Faso and Mali. Acacia Mining plc is a UK public company headquartered in London. It is listed on the Main Market of the London Stock Exchange with a secondary listing on the Dar es Salaam Stock Exchange. Barrick Gold Corporation is the majority shareholder of Acacia Mining plc.

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.



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