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Acacia resumes gold exports from North Mara; processing still suspended

Shortly after receiving government approval, Acacia Mining PLC resumed gold exports from the North Mara mine in Tanzania after starting to receive export permits from the minerals ministry's mining commission.

The sales will allow it to meet its financial obligations for an extended period of time, the company said in an Aug. 16 release on the London Stock Exchange.

However, all gold production remains suspended at the processing plant under a prohibition notice issued by the Tanzanian National Environment Management Council in July, which prevents it from using its tailings storage facility due to the mine's failure to prevent seepage.

While Acacia looks to resolve the processing halt, it will continue stockpiling mined ore.

In the second half of July, the company accepted an increased takeover bid by majority owner Barrick Gold Corp.

Acacia had been in a dispute with the government of Tanzania about allegedly unpaid taxes, leaving it unable to export gold from the country. After Barrick entered into separate talks on behalf of its majority-held business and reached a tentative settlement, the two entities became embroiled in a disagreement about Barrick's valuation of Acacia and mutual criticism of mining plans and negotiation strategy.