what's the matter with the world's poorest country issuing a surprise ticket? The world's poorest country has started to issue a huge ticket to its pillar industry, which is four times the national GDP. But it seems that the company can't pay the penalty in its lifetime. Is the government crazy?
It is reported that Tanzania has recently launched a fierce campaign against the country's industrial pillar mining enterprises, and issued a fine of up to $190 billion to the country's largest gold mining company, which is four times the total GDP of Tanzania. It will take 200 years for the company to repay the fine. (this article is exclusively compiled by WYH, editor of sihai.com. If you need to reprint it, please indicate the source and source. Related article link: http://www.4hw.com.cn/life/zone.html)
Tanzania fined mining enterprises 190 billion US dollars, equivalent to four times of GDP
On Monday, Tanzania's tax authorities issued a $190 billion ticket to Acacia mining, a mining company. Of the $190 billion, $40 billion was unpaid taxes at its two mines, bulyanhulu and buzwagi, from 2000 to 2017, and another $150 billion was interest and fines.
How much of the $190 billion is there? You may understand after reading the data below. (this article is exclusively compiled by WYH, editor of sihai.com. If you need to reprint it, please indicate the source and source. Related article link: http://www.4hw.com.cn/life/zone.html)
According to the data of the world bank, from 2013 to 2016, Tanzania's GDP only fluctuated around us $45 billion, that is to say, the fine has been about four times the GDP of the country.
Acacia mining may not be known. On the one hand, it is one of the largest mining companies in Tanzania, and more importantly, it is behind the world's largest gold mining company, Barrick gold Corp., which owns nearly 64% of Acacia mining. Acacia mining is also listed on the London Stock Exchange.
The $190 billion fine is a huge blow to Acacia mining. According to the financial report of the mining enterprise, the operating revenue of the company was US $1054 million in 2016. This means that Acacia mining has to pay the fine with about 200 years of revenue. Moreover, the company currently has only $317 million in cash on its books.
While Acacia mining is still struggling with how to deal with this huge amount, the company's share price has been overwhelmed by this $190 billion.