Acacia Mining truck

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Acacia Mining

Gold miner Acacia Mining says a requirement for it handy over $190bn in unpaid taxes to the Tanzanian authorities is “inaccurate and unexplainable”.

The demand follows a discovering by government-appointed committees that the agency was working illegally and had understated its gold exports.

Acacia’s website says that it has declared all supplies produced and has paid royalties and taxes in full.

The UK-listed agency’s shares had been down 7.7% in morning commerce in London.

Its share worth has been tumbling for months as disagreements with the Tanzanian authorities have grown.

Earlier this month, Tanzania handed two new mining legal guidelines that comprise sweeping modifications to the authorized and regulatory framework of the mining trade.

An export ban on gold and copper focus exports has been in drive since March.

Acacia, which is majority-owned by Canadian agency Barrick Gold, has stated the continuation of the ban will harm its capability to conduct future enterprise in Tanzania, because it covers 50% of its manufacturing.

“The safety of the 36,200 oblique and induced jobs that depend on Acacia’s mining operations, in addition to the corporate’s capability to spend money on training, infrastructure and well being initiatives will all be below menace.”