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£1m: Acacia’s daily hit from export ban
Gold producer Acacia Mining (ACA) is losing £1m a day from the Tanzania government’s export ban on unprocessed ore.
Two of Acacia’s mines are now stockpiling material which would have normally been exported in concentrate form.
Last week it said talks to reach a compromise with the government hadn’t got anywhere.
Investec says Acacia’s balance sheet can cope with pressures short-term. ‘We expect this situation to be resolved but remain concerned it will come at a cost, i.e. a greater tax grab as Acacia pays little cash tax given substantial tax assets.’