Acacia (LON:ACA) is down again this morning as the market further digests the Tanzanian government’s ban on exports by ACA. The government claims that ACA is understating its exports by a factor of ten. This is so improbable a figure upon which to alight that the use of it means that the Tanzanians wish to grab ACA’s mining operations.
This is standard behaviour in black Africa. Essentially, these people are so incompetent and disorganised that they devise lies to try and cover up their uselessness. However, it will not get them anywhere since their conduct is seen for what it is: naked breach of contract.
What happens now? I do not know but it is a very serious matter for all those working on the mines and who depend upon the mines for a living (just think of all those subcontractors). Further, ACA’s non-performance must materially adversely affect Tanzania’s export proceeds. I expect that it is also in breach of undertakings given to the IMF.
It is tempting to buy ACA now. But, at 272p, there is risk. The African willingness to cut off their noses to spite their faces is uniquely developed and has a very long history. Nonetheless, I paid 272p.
*****
It was Enoch Powell’s comment in Birmingham in 1968 that “we must be mad, literally mad” that so polarised the country. He was referring to the immigration from the Indian subcontinent that he foresaw would set about destroying Britain.
Powell is labelled by the BBC as a racist. (Golly, they are a supremely silly lot.) In fact he was an extremely intelligent and thoughtful chap and based his views on his time in India. He was not guessing: he knew.
I lived in central Africa for four years, 1969 to 1973, went there as what would now be termed a liberal but realised after six months that I had been fooled by my Oxford upbringing. I saw that people of different races and cultures do not necessarily come together to live harmoniously and sensibly. Amusingly, these differences were most acutely observed as between Indians and Africans.
What happens now in terms of practical action? I am far from sure about the detail and the timing but Europe is being destroyed by Islam and must retaliate now. My fellow countrymen have generally still not woken up to this fact of life. After a few more mass murder bombings they may wake up.