Acacia Mining Owes Tanzania $190B in Taxes and Fines

The government of Tanzania has sent Acacia Mining a bill of $190 billion in unpaid taxes and fines for years 2000 to 2017. This comes after the government alleged Acacia underdeclared export revenues. Bulyanhulu Gold Mine Ltd. and Pangea Minerals Ltd., the owners and operators of the Bulyanhulu and Buzwagi mines, respectively, received a series of Notices of Adjusted Assessment from the Tanzania Revenue Authority for historical corporate income tax, covering the periods 2000 to 2017 for Bulyanhulu Gold Mine and 2007 to 2017 for Pangea Minerals. The assessments follow on the findings of the First Presidential Committee announced on May 24 and the Second Presidential Committee announced on June 12.

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Rio Tinto Signs MOU With Serbia for Jadar Project

Rio Tinto has signed a Memorandum of Understanding (MOU) with the government of Serbia in respect to the implementation of the Jadar project. The MOU will enable the formation of joint working groups between the government and the company to progress the project through the study and permitting phases, as per the law.

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Cameco Reduces its US Tax Exposure

In its second quarter earnings statement, Canadian uranium miner Cameco said it had settled its tax dispute with the U.S. Internal Revenue Service (IRS) for the years 2009 through 2012. “We are required to pay about $122,000, compared to the originally proposed tax expense of $122 million,” said Tim Gitzel, president and CEO, Cameco. “We are encouraged by this outcome as we believe it confirms, from an IRS perspective, our view that our structure and transfer pricing arrangements are appropriate.”

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ACG Materials Acquires Diamond Gypsum

ACG Materials has acquired Diamond Gypsum Co. ACG Materials is a leading producer and processor of industrial minerals, aggregates and downstream products that are used in a diverse number of end markets.

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