Acacia Gold Mining Company’s shares in the FTSE 250 group fell 30 per cent on Wednesday, and dropped another 12 per cent to 268p by Wednesday evening after Tanzania Presidential Committee presented report on the company’s ore concentrate shipments.
In Dar es Salaam, shares of the mining firm at the Dar es Salaam Stock Exchange fell by 19.47 per cent on Thursday after dropping by 17.3 per cent on Wednesday.
A report by a presidential committee revealed that Acacia Mining declared the presence of gold, copper and silver in its mineral sand exports but did not declare other precious metals in the consignments.
The committee which presented its findings this week said they found that 277 containers probed held as much as 15.5 metric tons of gold, instead of the 1.1 tons that had been declared.
Following the report, President John Magufuli fired the Minister for Energy and Minerals, Prof Sospeter Muhongo and the Chief Executive Officer of the Tanzania Minerals Audit Agency (TMAA).
However, miner’s shares rebound after calling independent review and after its intention to challenge the report into the company’s value of shipments.