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Barrick agrees to pay $300 mllion to end Tanzania dispute
By Felix Njini
Bloomberg News
Sunday, October 20, 2019
Barrick Gold Corp. has agreed to pay $300 million to the Tanzanian government to end a long-running dispute that it says destroyed the value of its subsidiary Acacia Mining's assets.
As part of the deal, which still must be approved by Tanzania's attorney general, the government will be given a 16% stake in a renamed company known as Twiga Minerals Corp., Barrick said today in a statement. The payments are to settle all outstanding tax and other disputes, the gold miner said. The agreement means a ban on export of concentrates will be lifted, Barrick said.
... Dispatch continues below ...
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"Rebuilding these operations after three years of value destruction will require a lot of work, but the progress we've already made will be greatly accelerated by this agreement," Mark Bristow, Barrick's chief executive officer, said. "Twiga, which will give the government full visibility of and participation in operating decisions made for and by the mines, represents our new partnership not only in spirit but also in practice." ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2019-10-20/barrick-agrees-to-pay...
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