Acacia Mining lost more than a fifth of its stock market value yesterday after Tanzania claimed that the company owed about $190 billion in unpaid taxes, fines and interest. Shares in the miner tumbled by 21 per cent amid growing concern about its row with the country’s government, which has accused it of under-reporting exports. Last night a spokesman disputed calculations by officials at Tanzania’s revenue authority, which allege that it owes $40 billion in unpaid taxes and $150 billion in penalties and interest. Tanzania recently passed laws to increase mining royalty rates. Its claim of $190 billion is roughly 174 times larger than Acacia’s…

Source: The Times July 24, 2017 23:02 UTC