Firing back a response to Tanzanian accusations that it under-declared gold exports, Acacia Mining has described the state's audit as inaccurate-- has called for an independent review and saying it would consider its options in the East African state.
The 277 of Acacia's containers held at Dar Es Salaam port contain, according to the company, 26,000 ounces of gold in total produced in one month from its Bulyanhulu and Buzwagi mines in the country.
But an audit of the containers commissioned by Tanzanian President John Magufuli claimed to have found gold content of 7.8 tonnes, or 250,000 ounces, which is almost exactly the same amount of gold in concentrate Acacia produced and sold from the two mines for the whole of 2016.
"We do not understand the findings of the (investigation) committee and believe that they contain significant discrepancies compared to all previous data analyzed," Acacia said in a statement on Friday.
"Given the magnitude of this discrepancy we believe there should be an independent review of the content of the concentrates," the company said, confirming that it was taking an average daily loss of revenues of more than US$1m due to the export ban. At the end of March the company had net cash of $196m.
Magufuli, nicknamed The Bulldozer for his propensity to push projects through, launched a crackdown on corruption shortly after taking office in 2015.
The company, majority owned by Barrick Gold and Tanzania's biggest gold miner, said that it would consider its options after its latest problems in Tanzania.
The company also said it does not receive revenue for the other minerals the audit said it had failed to declare.
Acacia said if the committee's findings were correct it would imply that the company "is the world’s third largest gold producer" and "produces more gold from just three mines than companies like AngloGold Ashanti produce from 19 mines, Goldcorp from 11 mines, and Kinross from their 9 mines".
Analysis of 20 years of data available to the company, by Acacia and other mining companies and their local experts, has not been able to reconcile the findings of the committee.
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