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Further response to media reports in Tanzania

17 Oct 2018 16:44

ACACIA MINING PLC - Further response to media reports in Tanzania

ACACIA MINING PLC - Further response to media reports in Tanzania

PR Newswire

London, October 17

17 October 2018

Acacia Mining plc

LSE:ACA

(“Acacia” or the “Company”)

Further Update on the Situation in Tanzania

Employee and Former Employee of Tanzanian Businesses Charged

Three Tanzanian Companies Charged

Further to the earlier announcement this morning, the Company advises that a current and a former employee of its Tanzanian businesses, together with three of the Group’s Tanzanian companies, have been charged today by the Tanzanian Prevention and Combating of Corruption Bureau (PCCB) with a number of different offences including breaches of the Tanzanian Anti-Money Laundering Act. Each of the Group companies and both the current employee and the former employee have pleaded not guilty to all charges. The Company notes with concern that under Tanzanian law offences under the Anti-Money Laundering Act are not bailable, and accordingly the accused have not been released on bail.

The Company is in the process of analysing the charges now brought by the PCCB, and will be able to comment further once more details are known. In the meantime, the Company notes that a total of 39 charges have been brought, either against the current and the former employee and/or against one or more of the Company’s operating subsidiaries in Tanzania, Pangea Minerals Limited (“PML”), Bulyanhulu Gold Mine Limited (“BGML”) and North Mara Gold Mine Limited (“NMGML”). A Canadian company, Explorations Minieres du Nord Ltd, has also been charged. The majority of the 39 charges and allegations now brought by the PCCB appear to relate to the historical structuring and financing of PML, BGML and NMGML dating back as far as 2008, prior to the creation of the Acacia Group at the time of its initial public offering in 2010. The charges are wide ranging and include: tax evasion, conspiracy, a charge under organised crime legislation, forgery, money laundering and corruption. 

As advised previously, the PCCB are reported in Tanzanian media to have stated that they have arrested two people as part of their “ongoing investigation into natural resources exploitation” and as part of the “war that the government is waging in the Minerals sector”, and alleged that the two people arrested had “occasioned the Government losses”.

As the Company reported on 11th October 2018, in connection with charges brought against another Group employee in Tanzania, the Company’s 19 month disputes with the GoT remains unresolved. While the Company remains of the view that a sustainable negotiated resolution of its disputes with the GoT is the preferred outcome, the interests of stakeholders have been protected in the meantime through the international arbitrations commenced in respect of the Bulyanhulu and Buzwagi businesses, with a number of procedural steps completed and in which the GoT has been fully participating. The great majority of matters the subject now of criminal proceedings by the Government relate to matters already being considered in the arbitrations. The Company is also continuing to engage with Barrick Gold Corporation (“Barrick”) to seek to understand the future conduct and a timetable for the completion of Barrick’s direct discussions with the GoT, in which the Company is not directly involved. In particular, the Company is seeking to engage with Barrick to understand how the recent significant escalations of Government actions against BGML, NMGML and PML and employees will be taken into account in their direct discussions.

In light of recent developments in Tanzania, the Company is now considering its position including in particular with respect to the Government actions and the charges now being brought.

The Company will provide further updates in due course.

 

ENQUIRIES

For further information, please visit our website: 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

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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