July 21, 2017 / 8:47 AM / in 3 months

BUZZ-Acacia Mining: Plunges as troubles in Tanzania intensify

** Acacia Mining’s shares down 10 pct after Tanzania asks foreign employees to leave the country

** Shares sit at bottom of UK mid cap index; on track to close down for fourth day in a row

** Co’s employees were asked to leave the country in an escalation of a dispute that began in 2016 over allegations of tax evasion, a company spokesperson said

** Two senior local staff of the mining firm were detained, interrogated at airport this week, co’s spokesperson confirmed

** Not aware of any foreign nationals being asked to leave Tanzania, but having difficulties getting Tanzania work permits renewed - CEO

** Acacia, Barrick’s unit, also says targeting lower end of FY production guidance after H1 results were hit by Tanzania’s ban on the export of its concentrates

** Reports 22 pct fall in H1 revenue, cash balance falls 80 pct

** Stock has more than halved since Tanzania said it planned to tighten controls on its mining sector

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