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Acacia updates on developments in Tanzania

04 July 2017 13:12

Acacia Mining has confirmed that Notices of Arbitration were served in Tanzania on behalf of Bulyanhulu Gold Mine, the owner of the Bulyanhulu mine, and Pangea Minerals, the owner of the Buzwagi mine.

The Company said the Notices refer the current disputes between the Government of Tanzania and each of BGML and PML to arbitration.

The serving of the Notices at this time is necessary to protect the Company, but, this notwithstanding, Acacia said it remains of the view that a negotiated resolution is the preferable outcome to the current disputes and the Company will continue to work to achieve this.

The Company added:

"The Government of Tanzania has informed Barrick Gold Corporation that at this stage it wishes to continue their dialogue, and therefore Acacia will not participate directly in these discussions when they commence. Any potential resolution that might be identified as a result of such discussions will be subject to approval by Acacia, and the Company will work with Barrick as necessary to support such discussions.

"All three of our mines are continuing to operate in line with previous announcements, and we will provide an update on developments, including the proposed mining legislation, once the legislative process is complete."

At 1:12pm: (LON:ACA) Acacia Mining Plc share price was -5p at 282.3p

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