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. Barrick Gold CEO Mark Bristow says Tanzania is a high risk market for the corporation, even as it struggles to fix a $190 billion (Sh437tr) tax dispute with the government.
Bristow said the corporation’s offer to buy the rest of Acacia Mining reflects the risk the Canadian-listed mining company faces in increasing its exposure to Tanzania.
He spoke Friday, May 24, 2019, in an interview with Reuters news agency. Barrick, the majority owner of Acacia with 63.9 percent, proposed on Tuesday to buy out the minority shareholders as part of efforts to resolve the dispute that has remained since 2017.
Acacia shareholders have expressed concern over the buyout plan, arguing the suggested offer was “ridiculous.”
www.thecitizen.co.tz
Bristow said the corporation’s offer to buy the rest of Acacia Mining reflects the risk the Canadian-listed mining company faces in increasing its exposure to Tanzania.
He spoke Friday, May 24, 2019, in an interview with Reuters news agency. Barrick, the majority owner of Acacia with 63.9 percent, proposed on Tuesday to buy out the minority shareholders as part of efforts to resolve the dispute that has remained since 2017.
Acacia shareholders have expressed concern over the buyout plan, arguing the suggested offer was “ridiculous.”
Barrick CEO speaks of risks in Tanzania situation
Barrick, which owns 64 percent in Acacia revealed it wants to buy out the minority shareholders as part of efforts to resolve a 2017 tax dispute with the Tanzanian government.