Gold miner Acacia has been hit with a demand for $190bn in unpaid taxes to Tanzanian authorities in a row it has called "inaccurate and unexplainable".
The demand follows a finding by government-appointed committees that the firm was operating illegally and had understated its gold exports.
Acacia's website says that it has declared all materials produced and has paid royalties and taxes in full.
The UK-listed firm's shares were down 7.7% in morning trade in London.
Its share price has been tumbling for months as disagreements with the Tanzanian authorities have grown.
http://www.bbc.com/news/business-40714086
To put the size of the bill in perspective, Acacia, which is majority owned by Barrick Gold Corp., had total revenues of $1.05 billion last year and has reported sales of a total of $7.7 billion since 2009.
https://www.bloomberg.com/news/articles/2017-07-24/acacia-gets-190-billion-tax-bill-it-would-take-centuries-to-pay
The demand follows a finding by government-appointed committees that the firm was operating illegally and had understated its gold exports.
Acacia's website says that it has declared all materials produced and has paid royalties and taxes in full.
The UK-listed firm's shares were down 7.7% in morning trade in London.
Its share price has been tumbling for months as disagreements with the Tanzanian authorities have grown.
http://www.bbc.com/news/business-40714086
To put the size of the bill in perspective, Acacia, which is majority owned by Barrick Gold Corp., had total revenues of $1.05 billion last year and has reported sales of a total of $7.7 billion since 2009.
https://www.bloomberg.com/news/articles/2017-07-24/acacia-gets-190-billion-tax-bill-it-would-take-centuries-to-pay