The London-listed company, Acacia Mining has refuted the outcome of a second audit by the Tanzanian government which said the company had under-declared revenues and tax payments for years and by billions of dollars.
"Acacia strongly refutes these new unfounded accusations. We have always conducted our business to the highest standards and operated in full compliance with Tanzanian law," Tanzania's biggest miner said in a statement.
The investigation committee, commissioned by President John Magufuli, recommended that the gold miner pay outstanding taxes and royalties, and called for a review of mining laws and government ownership in mines.
Tanzania banned the export of unprocessed ore in March and has pushed for the construction of a local smelter.
"Enough is enough ... we need investors, but not this kind of exploitation. We are supposed to share profits," Magufuli said after receiving a report from the committee.
The first audit committee, reviewing exports of gold and copper concentrate, said last month it had found 10 times more gold in Acacia's containers than the company had declared as well as undeclared minerals such as iron and sulphur.
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