March 24, 2017 / 7:46 AM / a year ago

Acacia says Tanzania ore export ban costing over $1 mln in daily revenue

March 24 (Reuters) - Gold miner Acacia Mining said it was incurring an average daily loss of more than $1 million in revenue at its two mines in Tanzania due to a local government directive banning exports of gold and copper concentrate from the country.

Tanzania’s energy and minerals ministry announced a ban earlier this month on sending copper concentrate or mineral sand for processing abroad, putting 30 percent of Acacia’s revenue at risk.

Acacia, majority owned by Barrick Gold, has three gold mines in Tanzania that also produce copper. (Reporting by Rahul B in Bengaluru; Editing by Amrutha Gayathri)

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