ASTONISHINGLY HIGH TAX BILL

11th August 2017 By: Martin Creamer - Creamer Media Editor

ASTONISHINGLY HIGH TAX BILL

The Buzwagi mine of Pangea Minerals, in Tanzania, shown above, has been hit, along with its Bulyanhulu stablemate, with an astonishingly high adjusted tax assessment of $190-billion in alleged unpaid taxes, penalties and interest owed. The tax blow followed Tanzania’s earlier ban on the export of metal-in-concentrate from Buzwagi and Bulyanhulu, which are subsidiaries of Acacia Mining, a Barrick Gold group company. Additionally, a senior Pangea employee had his passport temporarily confiscated at the Dar-es-Salaam airport, before legal intervention resulted in its return. Acacia is locked in a bitter dispute with the Tanzanian government over alleged underdeclaring of the value of concentrate being shipped to smelters.