Mwapachu retires from Accacia board
What you need to know:
Ambassador (ret'd) Juma V. Mwapachu retires as Acacia’s Board of Directors effective Thursday.
Accacia’s parent company Barrick and the government are expected to start negotiating the matter soon.
Dar es Salaam. The only Tanzanian serving in Acacia’s Board of Directors Amb Juma Mwapachu has retired from the position effective Thursday.
According to Accacia’s announcement shared in the company’s website, Mr Mwapachu ‘decided’ to resign from his position as the company’s Non-Executive Director after term of his appointment ended.
“…following the expiry of his second three-year term of appointment, Ambassador (ret'd) Juma V. Mwapachu has decided to retire from the Acacia Board of Directors with effect from 13 July 2017. The Acacia Board of Directors and the management team wish to acknowledge Ambassador Mwapachu for his valuable commitment and support to the company during his tenure and wish him all the best for the future,” reads the statement in part.
Following the retirement, Acacia Board will comprise seven members, including four Independent Non-Executive Directors, two Non-Executive Directors and one Executive Director.
The mining giant is embroiled in a bitter dispute with the government on exportation of mineral concentrates, with the company accused of causing the government a loss of about Sh100 trillion. The company is disputing the allegations; however Accacia’s parent company Barrick and the government are expected to start negotiating the matter soon.
