Acacia Mining plc (formerly African Barrick Gold plc) is Tanzania's largest gold producer and one of the five largest gold producers in Africa. It has four mines, all located in Northwest Tanzania, and several exploration projects at various stages of development in Tanzania and Kenya. It has a high-quality asset base, solid growth opportunities and a clear strategy of: * driving operating efficiencies to optimise production from our existing asset base; * growing through near mine expansion and development of advanced-stage projects; and * organic greenfield growth and acquisitions in Africa.

Links...
Company Web Sitehttp://www.acaciamining.com/

Company Calendar http://www.acaciamining.com/investors/financial-calendar.aspx

Former Thread as African Barrick Gold http://www.moneyam.com/InvestorsRoom/posts.php?tid=14880#lastread thanks to Harry for giving go ahead to swap to new name.

Loads errrrrrr money doodlemug.

ACA UPGRADE..........

22 Jan 2015 Acacia Mining Plc... ACA Investec Buy 315.95 313.50 170.00 342.00 Upgrades

SP TARGET 342p.

23 Jan 2015 Acacia Mining Plc... ACA JP Morgan Cazenove Overweight 308.25 310.00 360.00 360.00 Reiterates

SP TARGET 360p

I know your in this one cynic and gf is ramping it over the road. He may have a point, noticed this is the third time rallied off RSI figure so worth a punt Long on the spreads @ 318p tight stop 308p.

Forgot to mention 25DMA bounce. Fingers crossed.

hi chris ..... i do indeed hold (in sipp), though i'm afraid i bought too early in the very recent cycle
however, i think the markets are in for a torrid time - and yes, i have been saying this for far too long - so precious metals should come back into their own

Let's hope so, never traded these before. Just need some volume, chart looks good.

LATEST BROKER VIEWS

Date Broker New target Recomm.
6 May Deutsche Bank N/A Buy
5 May Barclays... 340.00 Equal weight
25 Apr Numis 400.00 Add

Stop to entry for risk free trade.

19:03 yesterday (friday)
Acacia Mining Plc said on Friday it was in early talks about a possible merger with Canadian gold miner Endeavour Mining Corp .

Acacia, which operates mines and exploration projects in Tanzania, Kenya, Burkina Faso and Mali, was responding to media reports. ...
The company added that there was no certainty of a deal.

Endeavour also confirmed preliminary discussions had taken place with Acacia. ...

Acacia had a market value of 1.72 billion pounds ($2.10 billion) as of Jan. 12, while Endeavour had a market value of C$ 2.18 billion ($1.66 billion).

Endeavour bought True Gold Mining Inc for about C$240 million in March, giving it access to a low-cost gold mine in Burkina Faso. ...

======================

which is the target?

All very strange indeed .... no wonder sp collapsed



Response to the Ministry of Energy and Minerals press release regarding the
export of metallic mineral concentrates

Acacia notes today’s press release from the Ministry of Energy and Minerals
regarding a ban on exports of gold/copper concentrate following a directive
made by the President of the United Republic of Tanzania. In 2016, gold/copper
concentrate amounted to approximately 30% of group revenues. At this stage,
Acacia has ceased exports of gold/copper concentrate and is urgently seeking
further clarification from the Ministry of Energy and Minerals. We will
provide further updates as appropriate.

this stock continues to be hammered due to the Tanzanian sudden embargo on exporting gold and iron ore, and the potential merger with Endeavour Mining which must also be delayed or even at risk

nevertheless, at some point (no ideas where) the shares will start to be serious value, though of course there will need to be some reflection of the underlying bullion price and it's immediate prospects

the 5-year chart below indicates that sp could fall another 100p before it hits real support
however, i recollect that when sp started to rise sharply, it was following the announcement of the discovery of further large reserves, or somesuch ..... i'm too lazy and busy to check that at the moment

Looking through the Reuters press releases over the last six months, Tanzania seems to be in economic turmoil and finding it very hard to stamp out corruption and tax evasion. I think that things are going to get worse before they get better, judging by the amount of negative news outflow.

Just a sample:
Reuters - Feb 2 Tanzanian President John Magufuli vowed on Thursday to toughen up a crackdown on tax evasion by big businesses including mining companies as the east African nation moves to boost domestic revenues.

Africa's fourth-largest gold producer, Tanzania also has vast deposits of natural gas, coal, diamonds, uranium and gemstones.

While addressing members of the judiciary in Tanzania's capital Dar es Salaam, Magufuli ordered the courts to enforce payment of tax claims worth more than 7.5 trillion Tanzanian shillings from big firms.

Magufuli launched a crackdown on graft and tax evasion when he took office in 2015 and has sacked dozens of senior public officials. Some businesses, though, say they have been unfairly hit with high tax bills.

Big firms are the main source of tax revenue for the government because Tanzania has a large informal economy that goes untaxed.

"It is unacceptable that an investor is extracting our minerals but doesn't pay taxes. That investor was taken to court and lost both the case and the appeal, yet still refuses to pay the taxes," Magufuli said.

He said that 7.5 trillion Tanzanian shillings worth of taxes were still unpaid by various firms even after the government won tax claim cases against them in courts and that this was hurting the east African nation's economy.

Magufuli asked Tanzania's judiciary to help stem corruption in the country, saying it was denying citizens access to justice.

"Some 28 magistrates were prosecuted (in Tanzania) last year for various criminal offences, mostly corruption, but all 28 of them were acquitted," said Magufuli.

"It is hard to believe that all 28 of them were absolutely not guilty."

Businesses in Tanzania often cite widespread corruption as one of the biggest obstacles to investment in the country. (Reporting by Fumbuka Ng'wanakilala; Editing by Elias Biryabarema and Hugh Lawson)

Sorry to say Jefferies paint a pretty gloomy picture:
"While the direct impact is clear, it is more than just greater uncertainty driving today's downgrade. Our past investment case and bullish view on the shares rested on several factors including growing FCF, higher shareholder returns, strengthened in-country relations and catalysts for a lowering of the ABX stake. All of which have now been negatively impacted, making the argument for a valuation re-rating much harder to justify.

The mid-January announcement of preliminary discussions with Endeavour Mining was a positive for the shares that, along with solid Q4 results, drove more than 20% outperformance vs UK peers through closing on Thursday. In our opinion, with a spike in jurisdictional risk in Tanzania, merger discussions with Endeavour are at the very least going to be delayed. This removes a key catalyst that was likely to have lowered ABX's stake and improve free float and liquidity.

At this point, we have cut 2017 estimates significantly to reflect the impacted volumes. EBITDA is reduced by 28% and stockpiled material drives working capital higher, weighing on FCF. Previous forecasts for high single-digit FCF yield in 2017 are now breakeven and the net cash balance shrinks by $14m YoY. We do believe the likely outcome is that ACA will be able to resume exporting but expect negotiations to be protracted."

exceedingly glad i banked all of mine about 10 days ago, purely because the gold price was looking soggy

re - glad i banked all of mine about 10 days ago

All lies as usual

If it goes up I bought... yesterday

If it goes down... I sold last week, 10 days ago etc.

the biggest liar in town some say and I agree.

note - naturally forgot to tell the board though has been posting many times since

you're right i lied ......
i actually sold on 1st march at 535.5 at just before 09:00

quite surprised you did not pick that up from my post on advfn where i know you follow me

you really are such a total and unremitting arsehole

Acacia Mining plc shares plummet on Tanzanian Government’s Report claiming irregularities in declared mineral-value

May 24, 2017

Acacia Mining plc (LON:ACA), a London-headquartered gold-mining company with operations in Africa, saw shares plummet nearly 30% this Wednesday following Tanzanian government’s claims that ACA’s containers carrying concentrates at the Dar es Salaam port had nearly 10 times the declared mineral-value by the company.

Acacia’s all three producing mines — Bulyanhulu, Buzwagi and North Mara — are located in north-west Tanzania; however, only the former two are involved in producing the concentrate, which is facing an export ban.

On 3rd March, Tanzanian authorities had issued a directive that prohibited Acacia’s export of gold/copper concentrate, which accounted for 30% of the company-revenue in 2016. The company said it’s taking a US$1 million hit per day to the top-line due to the same.

“During April we will reassess how long we can continue to produce as normal if the ban remains in place and what other measures may be necessary”, said Acacia in response to the directive then.

Due to the ban, ACA could not sell 34,926 ounces of gold, limiting sales to 184,744 during the first quarter of 2017, nearly same as the year-ago-quarter despite a 15% jump in production.

Tanzania formed a presidential committee to investigate ACA’s concentrate after the March-ban by the Ministry of Energy and Minerals, limiting exports from ACA’s Bulyanhulu and Buzwagi mines.

Although ACA’s has asked for the full report after the committee announced its findings to the president, Dr. John P. Magufuli, in a public presentation earlier today, the situation seems to have worsened. For the foreseeable future, ACA would continue to experience a substantial contraction in its top-line, which analysts were expecting would see low-single-digit growth in 2017.

12 June 2017

Acacia Mining plc LSE:ACA

Update on the 2nd Presidential Committee Findings

Acacia notes the disappointing findings of the Presidential Second Committees report which were presented to the President of Tanzania H.E. Dr. John P. Magufuli this morning and which considered the historical economic and legal aspects of the export of metallic mineral concentrates.

The Second Committee has primarily based its findings on those of the First Presidential Committee, announced on 24 May 2017, that Acacia strongly refutes. That Committee based its findings on samples from 44 containers. Based on more than 20 years of data available to us it is impossible to reconcile those findings and they grossly overstate the value of the concentrates by more than 10 times.

The Second Committee has alleged that Acacia has under-declared revenues and tax payments over a number of years by tens of billions of US dollars. As a result it has made a series of recommendations including the payment of outstanding taxes and royalties, re-negotiation of large-scale Mineral Development Agreements, Government ownership in the mines, and the continuation of the export ban.

Acacia strongly refutes these new unfounded accusations. We have always conducted our business to the highest standards and operated in full compliance with Tanzanian law. We re-iterate that we have declared everything of commercial value that we have produced since we started operating in Tanzania and have paid all appropriate royalties and taxes on all of the payable minerals that we produce. In addition, our published accounts are annually audited to an international standard in accordance with IFRS.

Acacia has long sought to be a partner with the Government of Tanzania as we believe that we have similar goals in enhancing social and economic development in the country. However, this partnership must be based on fairness for all stakeholders, including the 96% of our employees at our mines who are Tanzanian, and our shareholders who have funded the US$4 billion of investment that Acacia has made into the country to date.

Acacia remains open to further dialogue with the Government regarding this issue and continues to assess all of its options. We will provide a further update to the market as soon as practical.