ACACIA MINING PLC Update on the export of metallic mineral concentrates
May 24 2017 - 5:01AM
UK Regulatory
TIDMACA
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
24 May 2017
Acacia Mining plc
LSE:ACA
("Acacia" or the "Company")
Further update on the export of metallic mineral concentrates
Acacia notes the findings of the Presidential Committee's investigation into
the export of gold/copper concentrates which were presented to the President of
Tanzania H.E. Dr. John P. Magufuli this morning. The Committee has stated that
Acacia has not fully declared all of the minerals contained in the concentrate
and the directive halting the export of metallic mineral concentrates remains
in place.
Acacia has not yet seen a full copy of the report, which states that the value
of minerals within the concentrates in the containers currently at the Dar es
Salaam port is more than 10 times the declared amount. We are seeking a full
copy of the report and further clarification.
Acacia re-iterates that it fully declares everything of commercial value that
we produce and pay all appropriate royalties and taxes on all of the payable
minerals that we produce.
Acacia will provide a further update to the market as soon as practical.
ENQUIRIES
For further information, please visit our website: http://www.acaciamining.com/
or contact:
Acacia Mining plc
+44 (0) 20 7129 7150
Giles Blackham, Investor Relations Manager
Bell Pottinger
+44 (0) 20 3772 2500
Lorna Cobbett
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. Subject to the requirements of the
Disclosure and Transparency Rules and the Listing Rules or 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.
END
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