Barrick Gold reaches deal with Tanzania to settle disputes over Acacia Mining (Reuters U.S. – October 20, 2019)

https://www.reuters.com/

Oct 20 (Reuters) – Barrick Gold Corp said it had reached a deal to settle a long-running tax dispute between Tanzania and mining group Acacia, which Barrick bought in a $1.2 billion deal approved by a British court last month.

The agreement includes the payment of $300 million to settle outstanding tax and other disputes, the lifting of a concentrate export ban, and the sharing of future economic benefits from mines on a 50-50 basis, Barrick said in a statement on Sunday.

An Africa-focused international dispute resolution framework will also be established as part of the agreement, Barrick said.

The deal comes days after the Canadian company fell short of analysts’ estimates for third-quarter gold production due to low output at its North Mara mine in Tanzania.

For the rest of this article: https://www.reuters.com/article/barrick-gold-tanzania/barrick-gold-reaches-deal-with-tanzania-to-settle-disputes-over-acacia-mining-idUSL3N2750BB

Comments are closed.