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Tanzania-focused gold miner Acacia Mining rebutted accusations by the country’s president that it had not properly declared its exports of metal, saying there needed to be an independent review.

The company added it was “considering all our options” as a ban on exports of gold and copper from Tanzania remains in place. Acacia is losing $1m a day as a result of the ban, it said.

An investigation by a presidential committee in Tanzania said this week that the value of minerals within concentrates in containers at the port city of Dar es Salaam was more than 10 times the declared amount.

That caused shares in Acacia to plunge by a record 30 per cent.

Acacia said Friday that based on more than 20 years worth of data “it cannot reconcile these with the findings of the Committee.”

“This independently verified data has consistently shown the gold content of the concentrates is less than one tenth of the Committee’s findings,” it said.

“Given the magnitude of this discrepancy we believe there should be an independent review of the content of the concentrates.”

The company added that it pays all applicable royalties on all of the minerals it produces.

Shares in Acacia rose 5.5 per cent Friday to 281p.

Copyright The Financial Times Limited 2017. All rights reserved.

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