TANZANIA BANS GOLD AND COPPER ORE EXPORTs

Source: Cooperate Digest

The government of Tanzania has banned the export of gold and copper concentrate, prompting responses from London's miners operating in the country.

The country’s ministry of energy and minerals said the ban which also covers, copper, nickel and silver ores would take effect immediately.

“The ban intends to make sure that mineral value-addition activities are carried out within Tanzania,” the government said in a statement.

Like other resource-rich nations, Tanzania wants to make sure that raw materials produced from its mines are also processed in the country.

At this stage, the leading gold producer in the East African nation, Acacia Mining, has ceased exports of gold/copper concentrate and is urgently seeking further clarification from the ministry of energy and minerals.

 Acacia said it is "urgently seeking clarification" on the situation as exports represented 30 percent of its annual revenue in 2016, at around $316.0 million of Acacia's total revenue of $1.05 billion.

The miner, which has all of its producing operations in the country, said it will provide further details as appropriate.

Later Friday, Shanta Gold Ltd released its own statement concerning the ban, clarifying that it does not currently produce or export concentrate. The miner exports gold ore and therefore will be unaffected by the government's decision.

Shanta has its three key operations in Tanzania, including the flagship New Luika gold mine.

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