ACACIA Mining said
yesterday it was seeking a stay of international arbitration
proceedings, days before a hearing was due to start and two days before a
deadline for a buyout proposal by Barrick Gold Corp.
The gold miner has
been fighting a bid by majority shareholder Barrick, which Acacia says
undervalues it. The deadline for a firm bid from Barrick, which holds
...
63.9 per cent of Acacia, is Friday.
That deadline is
just ahead of Monday's scheduled start of international arbitration
proceedings against the Tanzanian government, with which Acacia has been
locked in dispute over a $190 bi llion tax bill.
"If the Tanzanian
government agrees to the stay, Acacia would expect the arbitration
hearing to be postponed to provide time for the government of Tanzania
to complete its settlement discussions with Barrick Gold Corp," Acacia
said in a statement.
Meanwhile, the
mining firm has been ordered it to stop using tailing storage facility
at its North Mara mine due to failure to contain and prevent seepage.
Acacia said it will
request copies from National Environment Management Council of any
investigation reports or data on which the notice was based on.
The company's North Mara mine was previously fined for breaching environmental regulations.
The National
Environment Management Council (NEMC) cites the North Mara mine's
failure to contain and prevent seepage from the tailings storage
facility (TSF) as grounds for its issuance of the notice.
The notice states
that it shall remain effective until such time that NEMC is satisfied
that the North Mara mine has taken measures to contain seepage from the
TSF.
Acacia's North Mara
mine was issued with an Environmental Protection Order and fine in May
2019 for alleged deficiencies at the TSF.
However, the North
Mara mine has never received any supporting reports, findings or
technical data in relation to these allegations.
As previously
disclosed on 8t h March 2019, the North Mara mine's technical team has
been working constructively and collaboratively with the Government of
Tanzania in order to address its concerns regarding alleged breaches of
various environmental regulations and alleged discharges from the mine.
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