Acacia Mining (LSE:ACA)
Historical Stock Chart
3 Months : From Jun 2019 to Sep 2019
By Carlo Martuscelli
Acacia Mining PLC (ACA.LN) said Wednesday that the government of Tanzania has ordered operations to stop at the North Mara mine due to seepage from its tailings storage facility.
The U.K.-listed miner said that the government had issued a prohibition notice, which gives it until July 20 to halt work at the project. The order would stay in place until Tanzania's National Environment Management Council was satisfied that any leakages have been stopped.
Acacia said is now seeking clarification from authorities about the prohibition order. In May, the North Mara mine was fined over alleged problems at the tailings, or mining waste, facility. The company said that it has never received any technical data or reports regarding the allegations.
"All seepage is and will be contained on the site, does not flow into the surrounding environment or present a risk of contamination to any public water source," the company said.
Acacia also said that its Tanzania subsidiaries, Bulyanhulu Gold Mine Ltd. and Pangea Minerals Ltd., have requested a stay to their international arbitration case with the government. It asked it be postponed in order to provide time for Barrick Gold Corp. (ABX.T)--which holds a 64% stake in the company and is in talks to buy it--to complete its settlement discussions with the government of Tanzania.
Write to Carlo Martuscelli at email@example.com
(END) Dow Jones Newswires
July 17, 2019 03:34 ET (07:34 GMT)
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