March 28, 2017 / 4:57 PM / in 4 months

Miner Acacia denies violating Tanzania concentrate export ban

2 Min Read

March 28 (Reuters) - Gold miner Acacia Mining Plc on Tuesday denied allegations that it was trying to export gold and copper concentrates in spite of a ban by the Tanzanian government.

Neither the company nor its customers have attempted to export gold and copper concentrates, the company said in a statement. (bit.ly/2nrogMM)

Tanzania's energy and minerals ministry halted the export of unprocessed ore on March 3, following President John Magufuli's call for the construction of more gold smelters in the country, Africa's fourth-largest gold producer.

Like other African nations, Tanzania is on a drive to add value to its exports rather than send raw materials abroad.

Acacia, which is majority owned by Barrick Gold Corp , said the Bulyanhulu and Buzwagi mines continued to operate post the restrictions and gold and copper concentrate was being stored at the mine sites.

The miner however added that this storage could not be indefinite.

The company, which is the largest miner in Tanzania, was losing more than $1 million in revenue each day at the two mines in Tanzania because of the ban, Acacia said on Friday. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Shounak Dasgupta)

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