Tough options for Acacia as arbitration set to begin over Dar’s $190b tax bill
A worker inside the Bulyanhulu gold mine in northern Tanzania. Should arbitration fail, Acacia could shut down its Bulyanhulu goldmine to concentrate on the North Mara business and its new operations in Kenya. PHOTO FILE | NATION
Mining firm Acacia is staring at hard options in its Tanzania operations after Dar es Salaam slapped it with one of the world’s highest tax bills — $190 billion — only days after it announced a significant reduction in its cash balance, which could see it close down one of its key mines.
The London Stock Exchange-listed firm saw a reduced cash balance of $176 million, from $318 million, in its unaudited results for the six months to June 2017.
