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Canada’s Barrick Gold faces more headaches in Tanzania with its Acacia Mining

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Tanzania’s authorities stopped export of minerals from three mines operated by Acacia Mining. PHOTO | FILE | NATION MEDIA GROUP 

Besieged Acacia wants direct talks with Tanzania
By THE EAST AFRICAN

Acacia Mining Plc wants a truce with the Tanzania government over the tax arrears dispute.

“Acacia’s desire is to engage the government of Tanzania and continue to seek a direct negotiated resolution of the dispute. We still seek to continue demonstrating our long-term commitment to Tanzania, our people, and the mining industry going forward,” the company said in a statement last week.

The latest statement was in response to an offer by Canadian-based majority shareholder Barrick Gold Corp to buy the company’s assets, including the three goldmines it operates in Tanzania.

PROPOSAL

Barrick Gold owns 64 per cent of Acacia Mining, and has tabled a proposal to acquire the remaining 36 per cent stake at 0.153 Barrick shares for each Acacia ordinary share.

The Canadian firm has extended its discussion deadline on the offer to July 9, as it continues mediation efforts to end an impasse with the Tanzanian government the has seen Acacia’s own shares plummet over the past two years.

—— AUTO – GENERATED; Published (Halifax Canada Time AST) on: July 01, 2019 at 09:16AM

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