Acacia Admits that arrangements, while perfectly legal, “were not equitable”

[ngoshwe]

Brad Gordon, a former chief executive of Acacia Mining agreed that the Mining Development Agreement with Tanzania were bogus. Gordon was quoted by Telegraph Saying this:

“The industry can be its own worst enemy when it sits down and agrees these terms, it’s gonna come back and bite us. And in this case it has,” Gordon says. Those early arrangements, while perfectly legal, “were not equitable”, he adds. To head off the bad feeling, Acacia began paying corporate tax last year. “In total we paid $162m in taxes and other payments to the Tanzanian government in 2016 so we are one of the largest taxpayers in the country.”

Acacia boss Brad Gordon: The mining industry can be its own worst enemy