RE: they have been find out25 Jul 2017 15:36
Eltonshango,
The giant tax bill is the latest twist in an increasingly ugly spat between the government and Acacia. In March, Tanzania banned exports of unprocessed gold and copper, a move Acacia said is costing it about $1 million a day in lost revenue. The situation escalated when the government accused the firm of operating illegally in the country and said mine operators had been evading taxes.
“The company is considering all of its options and rights and will provide a further update in due course,” Acacia said in the statement.
To put the size of the bill in perspective, Acacia, which is majority owned by Barrick Gold Corp., had total revenues of $1.05 billion last year and has reported sales of a total of $7.7 billion since 2009.
“The $40 billion tax bill is more than twice what all top five global gold miners (including Barrick) combined have paid in taxes since 2000!” Hunter Hillcoat, an analyst at Investec Plc, wrote in a note to investors Tuesday.