Published on Gold Anti-Trust Action Committee (http://gata.org)

Tanzania says it won't deal with Acacia anymore, only Barrick

By cpowell
Created 2019-05-28 17:18

Tanzania Says Acacia Mining Won't Be Allowed Any Role in Country

By Kenneth Karuri and Danielle Bochove
Bloomberg News
Tuesday, May 28, 2019

Tanzania will no longer allow Acacia Mining Plc to manage its mines in the country and will work only with the company's parent, Barrick Gold Corp., to resolve the two-year impasse that has stymied operations, a government spokesman said.

"We will no longer work with Acacia," Hassan Abbasi said today by phone. "Under no circumstances can Acacia be a party to the agreements, or have any role in the operation or management of the Barrick mining subsidiaries in Tanzania. The ball is now in Barrick's court."

... Dispatch continues below ...


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Acacia has been at odds with Tanzania's government since July 2017, when the state handed the London-listed gold producer a $190 billion tax bill, saying it under-declared bullion exports. Barrick has since led discussions with the government and, in an effort to solve the impasse, surprised the market last week with an informal plan to buy out Acacia's minority shareholders. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2019-05-28/tanzania-says-acacia-... [4]

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