The results allege that Acacia Mining plc is conducting business in Tanzania illegally

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Acacia Mining plc refutes the allegation of the Osoro Committee announced on 12 June 2017 that Acacia Mining plc is conducting business in Tanzania illegally.  In March 2010, Acacia Mining plc, which is a UK-incorporated company, obtained a certificate of compliance under ss.434 and 435 of the Tanzanian Companies Act.  This certificate of compliance was obtained to facilitate Tanzanian investors participating in Acacia Mining plc’s initial public offering on the London Stock Exchange (“LSE”) in March 2010, and for the cross-listing of Acacia’s shares on the Dar Es Salaam Stock Exchange (“DSE”) at the end of 2011.

In March 2010, Acacia Mining plc was using its former name African Barrick Gold. In November 2014 African Barrick Gold plc changed its name to Acacia Mining plc. This change of name was: (i) approved by  shareholders; (ii) announced to the LSE and DSE; and (iii) recognized by the issuance of a certificate of change of name in the UK. In December 2014, the certificate of change of name and supporting materials were provided to BRELA for purposes of updating BRELA’s records.  BRELA has not yet updated its records, and Acacia continues to enquire with BRELA as to why there has been such a significant delay.

Further, the Osoro Committee has wrongly confused the business of the Tanzanian operating companies with Acacia Mining plc. Acacia Mining plc is not conducting any business in Tanzania; it is simply the UK incorporated holding company of the Acacia group of companies. It obtained the certificate of compliance for the purposes of the London IPO and DSE listing only. It does not operate as a Tanzanian mining company or perform any other businesses in Tanzania. Mining is lawfully conducted by each of the special mining licence holders: Bulyanhulu Gold Mine Limited, Pangea Minerals Limited and North Mara Gold Mine Limited.

Source:  http://www.acaciamining.com/export-ban-facts/disputed-key-facts/english.aspx


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