The results imply that Bulyanhulu and Buzwagi would be the world’s largest two gold mines by more than 25%

  • Acacia wishes this were true – but sadly it is not the case that our mines each produce more than 1.5 million ounces of gold per year
  • Last year together they produced 450,000 ounces
  • Acacia’s verified data shows that the 277 containers at Dar Es Salaam port contain 26,000 ounces of gold in total.
  • The Committee’s findings were that the gold content of these containers, which represent just over one month’s production, totalled 7.8 tonnes (or 250,000 ounces).
  • In 2016, Acacia produced and sold 250,000 ounces of gold in concentrate from these two mines in the whole of the year.
  • For scale, Grasberg in Indonesia produces just over 1 million ounces of gold in a year, it is one of the largest mines in the world
  • Grasberg’s open pit is 3.5 km long x 2.5km wide and more than 550 metres deep vs Buzwagi’s pit which is just 1.3km long x 550 metres wide and 240 metres deep
  • Grasberg processes around 60 million tonnes per year compared to Buzwagi which processes 4 million tonnes
  • Grasberg processes in 25 days what Buzwagi processes in 1 year – how could Buzwagi produce more ounces of gold when grades are very similar

The results imply that Acacia would be the world’s third largest gold miner

  • The results imply Acacia producers more just three mines than companies like AngloGold Ashanti produce from 19 mines, Goldcorp from 11 mines, and Kinross from their 9 mines
  • If the Committee finding were true, why would Acacia hide this when Acacia would therefore be valued at potentially 10x more than they are today
  • Source:

The results allege that Acacia Mining plc is conducting business in Tanzania illegally

Acacia Mining plc refutes the allegation of the Osoro Committee announced on 12 June 2017 that Acacia Mining plc is conducting business in Tanzania illegally.  In March 2010, Acacia Mining plc, which is a UK-incorporated company, obtained a certificate of compliance under ss.434 and 435 of the Tanzanian Companies Act.  This certificate of compliance was obtained to facilitate Tanzanian investors participating in Acacia Mining plc’s initial public offering on the London Stock Exchange (“LSE”) in March 2010, and for the cross-listing of Acacia’s shares on the Dar Es Salaam Stock Exchange (“DSE”) at the end of 2011.

In March 2010, Acacia Mining plc was using its former name African Barrick Gold. In November 2014 African Barrick Gold plc changed its name to Acacia Mining plc. This change of name was: (i) approved by  shareholders; (ii) announced to the LSE and DSE; and (iii) recognized by the issuance of a certificate of change of name in the UK. In December 2014, the certificate of change of name and supporting materials were provided to BRELA for purposes of updating BRELA’s records.  BRELA has not yet updated its records, and Acacia continues to enquire with BRELA as to why there has been such a significant delay.

Further, the Osoro Committee has wrongly confused the business of the Tanzanian operating companies with Acacia Mining plc. Acacia Mining plc is not conducting any business in Tanzania; it is simply the UK incorporated holding company of the Acacia group of companies. It obtained the certificate of compliance for the purposes of the London IPO and DSE listing only. It does not operate as a Tanzanian mining company or perform any other businesses in Tanzania. Mining is lawfully conducted by each of the special mining licence holders: Bulyanhulu Gold Mine Limited, Pangea Minerals Limited and North Mara Gold Mine Limited.