Effectively from 1st September 2015 the DSE has extended trading sessions to five hours from the previous four hours. In this regard, the trading session will now start at 10:00 a.m. and close at 3:00 p.m. on each working day.
Swala Oil & Gas (Tanzania) plc ('Swala' or 'the Company') is pleased to advise that the Ministry of Energy and Mining ('MEM') has agreed to extend the period within which an exploration well must be drilled in each of the Kilosa-Kilombero and Pangani licences to the 20th February 2017. This one-year extension is to be deducted from the 4-year additional exploration extension period currently due to commence on 20th February 2016, resulting in the additional exploration period having a duration of three years.
Under the Production Sharing Agreements ('PSAs') that govern activity on each of these two licences, the Joint Venture (“JV”) was originally obliged to drill an exploration well in each licence by the 20th February 2016. The JV carried out a seismic survey that was completed in December 2014 and in the same month the JV and the Tanzanian Petroleum Development Corporation (“TPDC”) agreed to carry out the processing and interpretation of the seismic data during the first half of 2015. This left relatively little time in which to confirm drilling locations, to carry out the necessary environmental impact assessments and to secure long lead-time items, and the JV therefore requested TPDC and MEM to allow it to complete its exploration drilling obligations into the next exploration phase. Both entities have now consented to this modification.
Dr. David Mestres Ridge, Swala CEO, said: "The joint venture has been actively preparing to drill the two licences and we are grateful to MEM and TPDC for their pragmatic flexibility in respect of the drilling timetable. In June we appointed an Operations Manager with responsibility for the drilling campaign and we are in the process of engaging a consultant to carry out the Environmental Impact Assessments for the drill locations. At the same time, we have been further interpreting the seismic data so as to choose the best drilling locations. The extension of the time limit for completing the exploration drilling allows us to continue our preparatory work with the comfort that all steps are being taken to maximise the chances of success and minimise costs whilst not compromising on either health, safety or environmental integrity.”
For further information please contact:
Swala Energy Limited
David Mestres Ridge (CEO)
Frontline Porter Novelli
T. +255 787 611 213
Acacia is pleased to announce the formation of an earn-in joint venture with OreCorp Limited
(ASX:ORR, “OreCorp”) to progress the Nyanzaga Project (the “Project”) in Tanzania. OreCorp will act
as manager of the Project and will be able to earn up to a 25% ownership of the Project through the
completion of various work programme milestones over a three year period for an aggregate project
investment of US$15 million, including an up-front payment to Acacia of US$1 million.
Brad Gordon, CEO of Acacia said: “We are pleased to have reached an agreement with OreCorp for
them to earn-in to and progress the Nyanzaga Project. The structure of the joint venture allows us to
continue our focus of delivery from our existing mines whilst retaining the optionality to participate
in the potential future development of a large-scale gold mine. We believe that the team at
OreCorp, having previously run large-scale projects in Tanzania, are well placed to advance the
Project to a development decision and look forward to working with them to further develop the
Tanzanian mining industry.”
Nyanzaga is located in north-west Tanzania in the Lake Victoria Goldfields region which is also host
to all three of our producing mines. Since increasing our ownership of the Project to 100% in May
2010, Acacia has undertaken an extensive step-out and infill drilling programme with a total of
120,088 metres being drilled. This programme has extended the known gold mineralisation and as a
result the Project is now host to an Indicated and Inferred in-pit resource of 4.2 million ounces at a
grade of 1.3 grams per tonne.
As a result of our focus on ensuring each of our producing assets are performing to their geological
potential, and delivering returns for our shareholders, limited activity has taken place at Nyanzaga
since 2013. The formation of the earn-in joint venture with OreCorp allows the Project to be reassessed
and then progressed through to the completion of a Definitive Feasibility Study (“DFS”) by a
dedicated team who have experience in delivering value from large scale projects in Tanzania and
across Africa, whilst allowing Acacia the optionality to maintain a 75% stake in the project once it
gets to a development decision.
The key terms of the earn-in joint venture are:
OreCorp will make an initial US$1 million payment to Acacia for an initial 5% ownership of
the project and will take over sole management of the project for a three year period. A
Technical Committee formed of representatives from Acacia and OreCorp will oversee all
work on the project.
Following payment of the initial consideration, OreCorp can earn up to a further 20%
interest in Nyanzaga over the course of three years by spending US$14 million and delivering
technical studies on the project. The delivery of a scoping study (incremental 5% interest), a
pre-feasibility study (incremental 5% interest) and a definitive feasibility study (incremental
10% interest) represent the milestones for earning increased ownership of the project.
If the DFS delineates a project with a net present value (“NPV”) of greater than US$200
million, Acacia has the option to retain its 75% interest and reassume management of the
project for development purposes by making a one-time payment to OreCorp based on a
multiple of the earn-in expenditure incurred, ascertained on a sliding scale basis. If the NPV
is between US$200 million and US$250 million, the multiple paid will be 3x. If the NPV is
between US$250 million and US$500 million, the multiple paid will be between 3x and 4x on
a straight-line basis, and above that will increase by 1x for every incremental US$250 million
If Acacia declines to exercise its option, or if the NPV is less than US$200 million, OreCorp
will have the option to acquire an incremental 26% ownership (bringing its total to 51%) by
making approximately US$15 million of additional staged payments to Acacia.
The conditions precedent to completion include the receipt of various third party and governmental
consents or approvals, there being no material adverse change prior to completion of the transaction
and OreCorp obtaining any regulatory approvals required for the joint venture under applicable ASX
rules. Following completion of the transaction, Acacia will continue to fully consolidate the Project
resources within our annual reserve and resource statement until such point that the earn-in
agreement is completed.
For further information, please visit our website: www.acaciamining.com or contact:
Acacia Mining plc +44 (0) 20 7129 7150
Giles Blackham, Investor Relations Manager
Bell Pottinger +44 (0)20 3772 2500
About Acacia Mining plc
Acacia Mining plc (LSE:ACA), formerly African Barrick Gold, is Tanzania’s largest gold miner and one
of the largest producers of gold in Africa. We have three producing mines, all located in north-west
Tanzania: Bulyanhulu, Buzwagi, and North Mara and a portfolio of exploration projects in Tanzania,
Kenya, Burkina Faso and Mali.
Our approach is focused on strengthening our three core pillars; our business, our people and our
relationships. Our name change from African Barrick Gold to Acacia reflects a new approach to
mining, and an ambition to create a leading African Company.
Acacia is a UK public company headquartered in London. We are listed on the Main Market of the
London Stock Exchange with a secondary listing on the Dar es Salaam Stock Exchange. Barrick Gold
Corporation remains our majority shareholder. Acacia reports in US dollars and in accordance with
IFRS as adopted by the European Union, unless otherwise stated in this announcement.
Refer to the link below for a public announce from Acacia Mining
Pursuant to the settlement agreement between the Fair Competition Commission (Commission) and Tanzania Cigarette Company Limited (TCC) made under section 58 (8) of the fair competition Act No. 8 of 2003 (FCA) in respect of complaint No. 1 of 2008 (Complaint).
Notice is given to the General Public as follows:
WHEREAS the commission acting under section 69 (1) of the FCA initiated complaint No. 1 of 2008.
WHEREAS in May 2014, the Commission persuant to rule 19 (7) of the FCC Procedure Rules, 2013 published a public notice of issuance of provisional findings in respect to Complaint No 1 of 2008.
WHEREAS on September 11, 2015, TCC entered into a Settlement Agreement with the Commission for full and final settlement of the complaint.
WHEREFORE, the Parties wish to notify the General Public that the complaint of No 1 of 2008 has been fully settled with TCC, its principals, shareholders and any of its Affiliates.
Jointly Issued by:
Fair Competition Commission Tanzania Cigarette Company Limited
2nd Floor, Ubungo Plaza Plot No. 20, Nyerere Road
P.O. Box 7883 P.O. Box 40114
Dar es Salaam Dar es Salaam
The Management of Tanzania Cigarette Company Ltd is pleased to report
half year results to June 30, 2015.
Year to date performance
Our top line grew 10% to TZS 246bn (June 30, 2014: TZS 224bn) driven by volume and pricing. Net profit however declined 4% to TZS 34bn (June 30,2014: TZS 35bn) due to: the sharp depreciation of the Tanzanian Shilling;the carry-over impact of the 25% excise tax increase in July 2014 and; a one-off TZS 5bn restructuring cost of our Export Division.
We continued to drive operational efficiencies and reduced our normal operating costs by 15% (June 30, 2015: TZS 34bn vs. June 30, 2014:TZS 40bn). However, these savings were off-set by unusual and one-off costs. Accordingly, the overall operating costs increased by 15% over the corresponding period in the prior year.
We generated TZS 46 billion in cash flow, of which TZS 18 billion was used to pay corporate tax to June 30, 2015 and a final gross dividend of TZS 40 billion for the year ended December 31, 2014. Despite the decline in net profit, our net cash position as at June 30, 2015 remained strong at TZS 42bn.
Dividends to shareholders
The Board of Directors declared an interim gross dividend of TZS 300 per share for the half year ended June 30 (June 30, 2014: TZS 250 per share).
This will be paid on or about November 12, 2015 to all shareholders on the
Register of Members as at October 19, 2015. The last day of trading cum dividend will be October 13, 2015 and; ex-dividend will be October 15,2015.
2015 full year outlook
We anticipate a better volume momentum in the second half of the year.Coupled with further costs optimization, we expect full year operating costs to be in line with prior year. I must however caution that currency headwind will significantly affect full year results.
I want to thank all our stakeholders for their continued support to the business and, I look forward to updating shareholders on 2015 full year results early 2016.
Please refer to the link below for further details