(Ecofin Agency) - In 2017, Acacia Mining recorded a $707 million net loss including a post-tax impairment of $644 million, the company revealed via an annual financial report posted yesterday.

According to the report, the company was negatively affected by the crude ores embargo imposed on Tanzania, in March 2017.

Another sign of the company’s poor performance is its revenue which was $752 million, 29% lower than in 2016 and the adjusted EBITDA was $311 million, down by 24% compared to 2016. The cash balance has also declined from $318 million late 2016, to $81 million at the end of 2017. 

“Whilst Acacia Mining was impacted by events beyond our control, we took decisive action to stabilize our business and believe our operations are now well placed to deliver in 2018,” said Peter Galeta, the interim CEO.

Acacia Mining which has been involved in a long dispute with the government said it had paid $143 million as tax and duties to Tanzania and has launched projects which benefited more than 60,000 Tanzanians. In the country, Acacia operates in North Mara, Buzwagi and Bulyanhulu mines. During the period under review, it had produced 767,883 oz of gold.

Louis-Nino Kansoun