RE: High Piotroski F-Score 829 Apr 2019 16:34
Politics are equally important especially in Africa
RECENTLY....
Acacia Mining shares plunged to a three-year low after the Tanzanian government demanded that the company pay almost $190 billion (Sh424 trillion) in unpaid taxes and fines. Acacia has consistently denied any wrongdoing, and disputes the tax assessments.
https://allafrica.com/view/group/main/main/id/00053999.html
Acacia Mining, which has now a long-standing dispute with the government over exports of metallic mineral concentrates, has rejected the bill that is 190 times its annual revenue as unrealistic.
The bill covers the periods of 2000 to 2017 for Bulyanhulu Gold Mine Ltd and 2007 to 2017 for Pangea Minerals Ltd. The two companies are owned by Acacia Mining.
"Doing business in Tanzania is much more expensive than going to the moon. Maybe the government of Tanzania is planning a space programme with the Acacia billions," Mr John Menzies, the chairman of the Australia-based mining consultancy CMI Capital Ltd, wrote in his LinkedIn page. "That is 10 times the budget for Nasa," he added.
Negotiations have failed to kick off and President John Magufuli has warned of closing the mines if Barrick fails to show up for negotiations.
Acacia, formerly known as Africa Barrick Gold, owns Buzwagi Gold Mine, Bulyanhulu Gold Mine and North Mara Gold Mine.
https://allafrica.com/stories/201707270154.html
Unfortunately this whole affair has greatly clouded our share price as Tanzania has been labelled as hostile or high risk by large institutional funds who CAN move share prices with their large investments
Apart from horrendous delays for VAT refunds (US$23.6 m)......SHG has NOT been directly affected
IMO 12p will never be reached until the climate for investing in Tanzania improves dramatically
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