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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Acacia Mining    ACA   GB00B61D2N63

ACACIA MINING (ACA)
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Delayed Quote. Delayed  - 06/19 05:35:24 pm
113.8 GBp   -1.26%
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Acacia Mining : TZ proposes tax amnesty, cuts corporate tax

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06/15/2018 | 01:56pm CEST

Tanzania aims to amend its tax bill to grant amnesty on interest and penalties for the next six months, hoping to improve compliance and ultimately boost revenues, Finance Minister Philip Mpango told parliament in his budget speech on Thursday. The change could have big implications for the East African nation’s largest gold miner, Acacia, The new laws have slowed fresh investment in what has long been seen as one of Africa’s brightest mining prospects as companies assess the consequences of government efforts to claim a bigger slice of the pie. “The proposed 100 per cent amnesty on interest and penalties will exist for six months, starting from 1st July 2018 up to 31st December 2018,” Mpango said. “This measure is expected to improve tax compliance by 10 per cent and hence enable the Government to collect the outstanding principal amount.” It was not immediately clear, however, exactly how much impact the amnesty would have on the government’s dispute with London-listed Acacia, which is majority owned by Barrick Gold. The government says Acacia owes $190 billion in tax, penalties and interest for the period between 2000 and 2017. But miners say it would be impossible for listed and independently audited companies to hide billions of dollars in extra revenue. READ: Acacia Mining profit slumps 50pc after Tanzania tax row READ: Acacia Mining's Q4 output down on Tanzania export ban Public holiday Reuters could not immediately reach Acacia for comment on Friday, which is a public holiday in Tanzania. Revenue collection for the 2017/2018 fiscal year that ends this month is at 21.9 trillion Tanzanian shillings ($9.65 billion), just below 70 percent of the target, Mpango said. In another move the minister said is intended to boost investment, the government will cut corporate income tax from 30 to 20 percent for new investors in the pharmaceutical and leather industries for five years, starting from the new fiscal year that begins in July. “The measure is expected to promote investment in the manufacturing of pharmaceutical and leather products, create employment opportunities and increase government revenue,” he said. Tanzania will raise spending by a slim 2.4 per cent in the 2018/19 fiscal year, most of it earmarked for infrastructure, education and water projects. The minister forecast economic growth to increase to 7.2 percent in the year from 7.1 percent in 2017. Another priority for the next fiscal year, he added, was moving the main functions of the government from Dar es Salaam to Dodoma, the country’s official capital since 1974.

(c) 2018 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2018 747 M
EBIT 2018 201 M
Net income 2018 88,4 M
Finance 2018 198 M
Yield 2018 3,25%
P/E ratio 2018 5,33
P/E ratio 2019 4,98
EV / Sales 2018 0,62x
EV / Sales 2019 0,51x
Capitalization 657 M
Chart ACACIA MINING
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Acacia Mining Technical Analysis Chart | ACA | GB00B61D2N63 | 4-Traders
Technical analysis trends ACACIA MINING
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 17
Average target price 2,56 $
Spread / Average Target 67%
EPS Revisions
Managers
NameTitle
Peter Geleta Chief Executive Officer & Executive Director
Kelvin P. M. Dushnisky Non-Executive Chairman
Jaco Maritz Chief Financial Officer
André Falzon Independent Non-Executive Director
Stephen Galbraith Non-Executive Director
Sector and Competitors
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ACACIA MINING-41.94%657
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BARRICK GOLD CORP-7.04%14 941
NEWCREST MINING LIMITED-7.67%11 942
AGNICO EAGLE MINES LTD3.08%10 584
POLYUS PAO--.--%8 387