This Miner’s $190 Billion Tax Bill Would Take Centuries to Pay
- Gold miner loses almost half of its equity value in three days
- Company says it declared all its revenues, refutes findings
Gold nuggets from placer mining operations sit during sorting at the Lenzoloto OJSC plant, a unit of Polyus Gold International Ltd., near Bodaybo, Russia, on Wednesday, Sept. 23, 2015. Polyus Gold International is Russia's largest gold producer and one of the top 10 gold miners globally by ounces produced.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Tanzania sent Acacia Mining Plc a tax bill equal to almost two centuries worth of the gold producer’s revenue.
The government issued the company, which mines all of its gold in the African country, with a $40 billion tax bill and another $150 billion in interest and penalties, Acacia said in a statement Monday. The charge covers alleged under-declared export revenues from the Bulyanhulu and Buzwagi mines over periods between 2000 and 2017.