Acacia shares fall by 16.5 per cent

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By Mnaku Mbani
Acacia Mining shares fell by 16.5 per cent today at the Dar es Salaam Stock Exchange (DSE) following an announcement by the government of Tanzania to ban copper concentrate.The DSE reports today has shown that the decrease of Acacia shares has also affected the market capitalization as it has fallen to Tsh18.8 trillion today from Tsh20 trillion recorded during the end of last month.

The report shows that the share price opened at Tsh13,900 but after the closing of the session, the price fell to Tsh11,600.
The company market capitalization also dropped to Tsh4.7 trillion today from Tsh6 trillion recorded mid last week.
President John Magufuli announced last week over the ban of copper exports concentrates and this announcement has totally affected Acacia which owns three major gold mining sites in Tanzania.
The London based Financial Times newspaper reported that exports of gold and copper concentrate, account for 30 per cent of Acacia’s revenue.
Acacia’s national importance makes a compromise likely, according to JPMorgan Cazenove. It estimated that Acacia accounted for about 2 per cent of Tanzania’s gross domestic product in 2014.

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