London-based company Acacia Mining has been accused of operating illegally in Tanzania, prompting an almost instant dip in shares. A committee appointed by Tanzanian President John Mangufuli also denounced it of underpaying the government tens of billions of dollars over the two decades it has been functioning in the country.
Presenting a report to Magufuli, chairman of the investigating team, Nehemia Osoro said the company was not properly registered with the Business Registration and Licensing Agency, adding that the country had lost TSh108tn ($48.26bn) from gold exports and TSh188tn from copper exports since 1997. The committee also suggested that the government take part ownership of the company. Accepting the advice, Magufuli said Acacia should “pay us back our money”. “If they accept that they stole from us and seek forgiveness in front of God and the angels and all Tanzanians and enter into negotiations, we are ready to do business,” he said.
