Acacia’s shares fall as Tanzania committee says it under-declared concentrate exports

Acacia Mining’s share price on the LSE fell by more than 20% on Wednesday after it reported that a Tanzanian Presidential Committee that was set up to investigate if mining companies are paying their fair share of taxes, had found that the gold miner had not fully declared all minerals contained in concentrate. Tanzania President John Magufuli on Wednesday released a report compiled by the committee, which was set up late in March and comprised academics and industry professionals, and announced that the directive halting the export of metallic mineral concentrates remains in place.