ACACIA MINING PLC Statement on North Mara
January 10 2019 - 4:08AM
UK Regulatory
TIDMACA
10 January 2019
Acacia Mining plc
LSE:ACA
("Acacia" or the "Company")
Statement on North Mara
Acacia informs the market that its North Mara mine ("the Mine") has received an
Environmental Protection Order ("EPO"), requiring payment of a fine of
300,000,000 Tanzanian Shillings (US$130,000) in relation to alleged breaches of
environmental regulations in Tanzania. The Mine has not yet received any
supporting reports, findings or testing data in relation to the matters set out
in the EPO and is currently assessing the technical basis of the alleged
non-compliances.
Acacia also notes media reports in Tanzania that the Government of Tanzania
("GoT") has issued a directive to the Mine to construct a new Tailings Storage
Facility ("TSF") at North Mara. Whilst the Mine has been verbally directed to
construct a new TSF, the Mine has not yet received any written notice or
directive from the GoT. The Mine has already recognised the need for
additional tailings management and storage capacity to meet its life of mine
plans and, while the Mine does not yet have detailed or fully costed plans or
project schedules for the construction of a new facility, Acacia expects that a
new TSF is likely to be an economically viable alternative to further
expansions of the existing TSF at the Mine.
Acacia also notes the National Environment Management Council's ("NEMC")
reported findings regarding discharges of a hazardous substance at the mine.
We are awaiting NEMC's detailed reports, findings and testing data in relation
to this allegation but are not aware of any such discharge. The Mine believes
that these reports relate to a longstanding seepage issue at the base of the
TSF, which is already well known to NEMC and the GoT. This seepage remains
managed by pumps which return the water to the TSF and it is, therefore,
contained on the mine site, does not flow into the surrounding environment or
present a risk of contamination to any public water source.
Operations at the Mine remain unaffected. Acacia will provide further updates
as required.
ENQUIRIES
For further information, please visit our website: http://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
About ACACIA
Acacia Mining plc (LSE:ACA) is the UK holding company of the Acacia Group,
Tanzania's largest gold miner and one of the largest producers of gold in
Africa. The Acacia Group has three mines, all located in north-west Tanzania:
Bulyanhulu, which is owned and operated by Bulyanhulu Gold Mine Limited,
Buzwagi, which is owned and operated by Pangea Minerals Limited and North Mara,
which is owned and operated by North Mara Gold Mine Limited. The Acacia Group
also has a portfolio of exploration projects in Kenya, Burkina Faso and Mali.
Acacia Mining plc is a UK public company headquartered in London. It is listed
on the Main Market of the London Stock Exchange with a secondary listing on the
Dar es Salaam Stock Exchange. Barrick Gold Corporation is the majority
shareholder of Acacia Mining plc.
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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