Troubled gold miner shuffles management after tax row

18Jul 2018
By Financial Times Reporter
DAR ES SALAAM
Financial Times
Troubled gold miner shuffles management after tax row
  • RESET BUTTON? Acacia Mining Plc changes executives both at its London headquarters and in Tanzania as it hopes for a thaw in frosty relations with President John Magufuli’s government

EMBATTLED gold producer Acacia Mining Plc has shaken up its executive team in Tanzania just months after high-level resignations at its London headquarters as it continues to be locked in a major dispute with the government over exports of gold and copper concentrates.

Acacia announced in November last year that Brad Gordon, its Chief Executive Officer (CEO), and Chief Financial Officer (CFO) Andrew Wray both resigned from their positions in London.

Tanzania's biggest gold miner said at the time that Gordon was returning to his Australia home country for family reasons, while Wray was pursuing an opportunity elsewhere.

Peter Geleta, Acacia’s Head of Organisational Effectiveness, was named as interim CEO, while Jaco Maritz, the miner's former General Manager, Finance, was appointed CFO effectively from January 1 this year.

The resignations came a month after Acacia's majority shareholder, Barrick Gold Corporation, agreed to cede part of the shares in Acacia’s three mines in Tanzania to the government, pay a $300 million settlement and share 50-50 "economic benefits" from its mining operations in the country with the state.

The top management changes in London spilled over to Tanzania when Acacia announced in February this year that for the first time, general managers of the company's mines will now be reporting to a Tanzanian Managing Director, Asa Mwaipopo.

In addition to that, another Tanzanian national, Benedict Busunzu, was appointed General Manager of two of Acacia's three gold-producing mines - Bulyanhulu and Buzwagi - both located in Shinyanga Region.

 

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