Acacia Moves To Halt International Arbitration Against Tanzania

 Gold mining firm Acacia is seeking a stay of international arbitration proceedings as it opposes a bid by its majority shareholder Barrick Gold Corp that it says undervalues it.

The arbitration proceedings concern a $190 billion tax dispute with the Government of Tanzania.

Acacia also stands accused of having broken environmental regulations at its North Mara mine, which was issued with an Environmental Protection Order in May relating to its tailings storage facility. However, the miner claims not to have received any supporting reports, findings or technical data supporting the allegations.

While the miner has been plagued with problems in the country its second quarter results showed a more than 50 per cent in gold output from its operations, with an 80 per cent increase in output at North Mara.