Tanzania and Barrick start talks to resolve Acacia row – by Fumbuka Ng’wanakilala (Reuters U.S. – July 31, 2017)

https://www.reuters.com/

DAR ES SALAAM (Reuters) – The Tanzanian government and Barrick Gold have started talks to resolve a tax dispute involving the Canadian company’s subsidiary Acacia Mining, the president’s office said on Monday.

The government accuses Acacia, which is 63.9 percent owned by Barrick, of evading taxes for years by under-declaring exports and has banned exports of gold and copper concentrates.

Acacia denies the accusations, which have pummelled its share price, and said last week it had been hit with a $190 billion tax bill, which is equivalent to four times the East African country’s annual gross domestic product.

“Talks between a special committee formed by President John Magufuli and representatives of Barrick Gold Corp … started today in Dar es Salaam,” a statement from the presidency said.

“The Tanzanian team is well prepared to negotiate with Barrick Gold Corp on Tanzania’s claims towards its mining business in the country and will make sure it safeguards national interests,” it said

For the rest of this article: https://www.reuters.com/article/us-acaciamining-tanzania-idUSKBN1AG2D8

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