Tuesday, 18 December, 2018

Barrick and Tanzania sign pact

Barrick and Tanzania sign pact Gold-plated deal helps miner get back on track
Laurie Berry | 20 October, 2017, 17:44

Shares in Acacia Mining jumped 16 per cent after the government in Tanzania and the majority owner Barrick Gold agreed a preliminary deal created to end a dispute that has hit its operations in the country.

The company's majority owner Barrick Gold Corporation said it had signed a tentative deal with the government on Thursday that would lift a ban imposed on Acacia's exports of gold and copper concentrates.

The partnership agreed to by Barrick Gold will see economic benefits generated by Acacia Mining's operations shared with Tanzania on a 50/50 basis going forward.

The Company's producing mines consists of Bulyanhulu, Buzwagi and North Mara and a portfolio of exploration projects in Tanzania, Kenya and Burkina Faso.

"A partnership requires trust between the parties, and transparency is the currency of trust".

Last month, Acacia announced its plans to trim down its operations in the Bulyanhulu gold mine, a move that could impact 2,000 employees and contractors. It will also increase procurement of goods and services within Tanzania.

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Miner said it doesn't even have the $300 million Barrick has promised to the Tanzanian government. The government claimed that the miner owed royalties on undeclared exports and owed back taxes up to US$190bn.

Barrick Gold on Thursday said Acacia had agreed to pay Tanzania $300 million and hand the government a 16 percent stake in three of its gold mines.

From 191,203 oz of gold produced during the quarter, the FTSE 250-listed company sold 132,787 oz to generate revenue of $171m, down 40% as the Tanzania's ban on concentrate exports resulted in the loss of roughly $90m of gross revenue during the quarter.

All proposals are subject to review and approval by the independent committee of Acacia Mining's board of directors and Acacia Mining shareholders. "Acacia will consider any proposal once it receives the full details and a further update will be provided when appropriate".

Barrick Gold holds a 63.9% equity interest in Acacia Mining, a publicly traded company listed on the London Stock Exchange that is operated independently of Barrick Gold.

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