ACACIA MINING PLC Response to Today's Media Reports in Tanzania
October 17 2018 - 4:32AM
UK Regulatory
TIDMACA
17 October 2018
Acacia Mining plc
LSE:ACA
("Acacia" or the "Company")
Response to Today's Media Reports in Tanzania
The Company notes media reports in Tanzania today that a current and a former
employee of its Tanzanian businesses have been detained by the Tanzanian
Prevention and Combating of Crime Bureau ("PCCB"). The PCCB are reported to
have stated to Tanzanian media that they have arrested two people as part of
their "ongoing investigation into natural resources exploitation" and as part
of the "war that the government is waging in the Minerals sector", and alleged
that the two people arrested had "occasioned the Government losses". The
Company does not know what charges will be brought against the two people by
the PCCB, or when they will be charged.
As the Company reported on 11th October 2018, in connection with charges
brought against another Group employee in Tanzania, the Company's 19 month
disputes with the GoT remains unresolved. While the Company remains of the
view that a sustainable negotiated resolution of its disputes with the GoT is
the preferred outcome, the interests of stakeholders have been protected in the
meantime through the international arbitrations commenced in respect of the
Bulyanhulu and Buzwagi businesses, with a number of procedural steps completed
and in which the GoT has been fully participating. The Company is
also continuing to engage with Barrick Gold Corporation ("Barrick") to seek to
understand the future conduct and a timetable for the completion of Barrick's
direct discussions with the GoT, in which the Company is not directly
involved.
The Company's operations at North Mara, Bulyanhulu and Buzwagi currently remain
unaffected.
The Company will provide further updates in due course.
ENQUIRIES
For further information, please visit our website: www.acaciamining.com or
contact:
Acacia Mining plc +44 (0) 20 7129 7150
Sally Marshak, Head of Investor Relations and Communications
Camarco +44 (0) 20 3757 4980
Gordon Poole / Nick Hennis
Disclaimer and forward-looking statements
This announcement is for information purposes only and does not constitute an
invitation or offer to underwrite, subscribe for or otherwise acquire or
dispose of any securities of Acacia in any jurisdiction.
This announcement includes "forward-looking statements" that express or imply
expectations of future events or results as opposed to historical facts. These
statements include, financial projections and estimates and their underlying
assumptions, statements regarding plans, objectives and expectations with
respect to future production, operations, costs, projects, and statements
regarding future performance. Forward-looking statements are generally
identified by the words "plans," "expects," "anticipates," "believes,"
"intends," "estimates" and other similar expressions.
All forward-looking statements involve a number of risks, uncertainties and
other factors, many of which are beyond the control of Acacia, which could
cause actual results and developments to differ materially from those expressed
in, or implied by, the forward-looking statements contained herein. Factors
that could cause or contribute to differences between the actual results,
performance and achievements of Acacia include, but are not limited to, changes
or developments in political, economic or business conditions or national or
local legislation or regulation in countries in which Acacia conducts - or may
in the future conduct - business, industry trends, competition, fluctuations in
the spot and forward price of gold or certain other commodity prices (such as
copper and diesel), currency fluctuations (including the US dollar, South
African rand, Kenyan shilling and Tanzanian shilling exchange rates), Acacia's
ability to successfully integrate acquisitions, Acacia's ability to recover its
reserves or develop new reserves, including its ability to convert its
resources into reserves and its mineral potential into resources or reserves,
and to process its mineral reserves successfully and in a timely manner,
Acacia's ability to complete land acquisitions required to support its mining
activities, operational or technical difficulties which may occur in the
context of mining activities, delays and technical challenges associated with
the completion of projects, risk of trespass, theft and vandalism, changes in
Acacia's business strategy and ongoing implementation of operational reviews,
as well as risks and hazards associated with the business of mineral
exploration, development, mining and production and risks and factors affecting
the gold mining industry in general.
Although Acacia's management believes that the expectations reflected in such
forward-looking statements are reasonable, Acacia cannot give assurances that
such statements will prove to be correct. Accordingly, investors should not
place reliance on forward-looking statements contained in this announcement.
Any forward-looking statements in this announcement only reflect information
available at the time of preparation. Save as required under the Market Abuse
Regulation or otherwise as may be required under applicable law, Acacia
explicitly disclaims any obligation or undertaking publicly to update or revise
any forward-looking statements in this announcement, whether as a result of new
information, future events or otherwise. Nothing in this announcement should be
construed as a profit forecast or estimate and no statement made should be
interpreted to mean that Acacia's profits or earnings per share for any future
period will necessarily match or exceed its historical published profits or
earnings per share.
END
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