Acacia Mining has been slapped with a Tanzanian tax bill almost 200 times the firm's market cap

 
Oliver Gill
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Acacia Mining refutes both the findings and the tax assessment of the Tanzanian authorities (Source: Getty)

Acacia's bust-up with the Tanzanian government today took yet another unexpected turn after authorities slapped the London-listed firm with a $190bn (£146bn) bill for unpaid taxes and penalties.

Shares in the firm collapsed over a quarter today. Acacia's market capitalisation currently stands at £750m.

Tanzania reckons Acacia has syphoned off large quantities of minerals without paying the associated export tax. Two presidential committees have alleged Acacia under-declared export revenues between 2000 and 2007 for the Bulyanhulu gold mine and 2007 and 2017 for the Pangea minerals mine.

Read more: Acacia loses millions in revenue due to new Tanzania mining rules

Acacia is yet to receive copies of either of the presidential reports but it "refutes each set of findings and reiterates that it has fully declared all revenues".

The Tanzania Revenue Authority (TRA) revealed the headline payments owed by Acacia, but the firm is yet to received copies of the assessments. It disputes the assessments.

It is understood the total revenues generated from concentrate and gold bars extracted from the Bulyanhulu and Pangea mines is in the region of $6bn.

Read more: Acacia's shares tumble after a second report accuses it of hiding exports

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