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Acacia Mining Involvement In Tanzania Terminated After Looting $40 Billion

The government of Tanzania has terminated once and for all Acacia Mining's involvement in the country's mining sector, reported some media on May 29, 2019. More specifically, the government of Tanzania reportedly said it will no longer work with Acacia Mining. Neither can Acacia Mining continue with the role of operating and managing Barrick Gold Corporation's activities in Tanzania, according to the government statement.

Acacia Mining owes the government of Tanzania $40 billion in tax arrears and $150 billion in interest and penalties. The London based mining company has been accused by the government of Tanzania for tax evasion through deliberately providing understated export revenues for decades. An agreed initial $300 million repayment of the tax arrears by Acacia Mining never materialized.


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