Acacia Mining: Notices of Arbitration Served on behalf of BGML, PML
July 04 2017 - 8:17AM
Dow Jones News
LONDON--Acacia Mining PLC (ACA.LN) said Tuesday notices of
arbitration were served in Tanzania on behalf of Bulyanhulu Gold
Mine Ltd. (BGML), the owner of the Bulyanhulu mine, and Pangea
Minerals Ltd. (PML), the owner of the Buzwagi mine.
Last month, Acacia said it had experienced some impact to
production levels given the uncertainty surrounding the
Presidential Committee's investigation into the export of
gold/copper concentrates.
The serving of the notices at this time is necessary to protect
the company, but, this notwithstanding, Acacia remains of the view
that a negotiated resolution is the preferable outcome to the
current disputes and the company will continue to work to achieve
this, Acacia said Tuesday.
The Government of Tanzania has informed Barrick Gold Corporation
(ABX) that at this stage it wishes to continue their dialogue, and
therefore Acacia will not participate directly in these discussions
when they commence. Any potential resolution that might be
identified as a result of such discussions will be subject to
approval by Acacia, and the company will work with Barrick as
necessary to support such discussions, it said.
"All three of our mines are continuing to operate in line with
previous announcements, and we will provide an update on
developments, including the proposed mining legislation, once the
legislative process is complete" Acacia said.
Shares at 1145 GMT down 8.90 pence, or 3.1%, at 278.40 pence,
valuing the company at GBP1.14 billion.
-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
(END) Dow Jones Newswires
July 04, 2017 08:02 ET (12:02 GMT)
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