africa commodities Economy export FDI gold Mining Natural Resources Tanzania

Tanzania: Acacia Mining scraps dividend after profit hit by export ban

Acacia Mining has scrapped its 2017 dividend after core earnings fell by more than half because of a ban on unprocessed mineral exports in Tanzania, it said on Monday.

The company, which is majority owned by Barrick Gold , said full-year earnings before interest, tax, depreciation and amortisation (EBITDA) fell 38 percent to $257 million after taking a $644 million impairment charge.

Source: Reuters

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