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Acacia pulls back from major gold mine in Tanzania
Acacia Mining (LON:ACA), Tanzania's No.1 gold producer, announced Monday that it will reduce operational activity at its Bulyanhulu Gold Mine.
“The decision was driven by unsustainable cash outflows at the mine due to the concentrate ban and the operating environment,” officials said in a statement.
Acacia is in the midst of a bitter dispute with the Eastern African country’s government, whose mining authorities imposed a ban on exports of unprocessed ore to encourage the construction of a local smelter. The move, which took place in early March, prompted a collapse of the London-listed firm’s stock value.