Acacia Accused of Under-reporting Mineral Exports

A damning report published in Tanzania claims London-listed Acacia Mining has been under-declaring exports, making a quick end to a ban on mineral sales from the country unlikely. In late May, Tanzanian President John Magufuli fired his mining minister and the chief of the state-run mineral audit agency, on the basis of the report. In a televised speech, Magufuli said Acacia Mining declared gold, copper, and silver in its mineral sand exports, but did not declare other precious metals in the consignments.

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Norilsk Considers Legal Action Against Botswana

Norilsk Nickel has served notice that it intends to commence legal proceedings in Botswana against the government of Botswana in respect to its involvement in the trading of BCL Ltd. and BCL Investments Pty Ltd., with a view to recovering the roughly $271 million (plus damages and other costs) that they are owed in relation to the sale of a 50% interest in the Nkomati mine in South Africa and the $6.4 million they are owed in relation to the sale of the Tati mine in Botswana. The government of Botswana is the ultimate shareholder of BCL through its corporate vehicle MDCB.

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