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Tanzania to own 16pc stake in Acacia's three gold mines
Thursday October 19 2017
Tanzania's President John Magufuli with Barrick Gold's chairman John Thornton at State House Dar es Salaam on October 19, 2017. PHOTO | CITIZEN | NMG
In Summary
Barrick Gold has agreed to sell a 16 per cent stake in three mines in Tanzania to the government.The mines -- Bulyanhulu, Buzwagi and North Mara -- are operated by Barrick's Acacia Mining.The gold miner has also agreed to pay $300 million as a show of good faith over a $190 billion tax bill it was slapped with.
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HELLEN GITHAIGA
Barrick Gold has agreed to sell a 16 per cent stake in three mines in Tanzania to the government.
The company also agreed to share 50 per cent of the revenues from the mines.
Barrick's chairman John Thornton made the announcement at a news conference at State House Dar es Salaam on Thursday after a meeting with President John Magufuli and government officials.
The mines -- Bulyanhulu, Buzwagi and North Mara -- are operated by Barrick's Acacia Mining, where it holds a 64 per cent stake.
The Canadian miner has also agreed to pay $300 million as a show of good faith after it was slapped with a $190 billion tax bill for alleged underdeclaration.
The company has been in talks with the Tanzanian government to resolve the tax dispute as well as an export ban of its mineral concentrates.
Tanzania to own 16pc stake in Acacia's three gold mines
Thursday October 19 2017
Tanzania's President John Magufuli with Barrick Gold's chairman John Thornton at State House Dar es Salaam on October 19, 2017. PHOTO | CITIZEN | NMG
In Summary
Barrick Gold has agreed to sell a 16 per cent stake in three mines in Tanzania to the government.The mines -- Bulyanhulu, Buzwagi and North Mara -- are operated by Barrick's Acacia Mining.The gold miner has also agreed to pay $300 million as a show of good faith over a $190 billion tax bill it was slapped with.
Advertisement
HELLEN GITHAIGA
Barrick Gold has agreed to sell a 16 per cent stake in three mines in Tanzania to the government.
The company also agreed to share 50 per cent of the revenues from the mines.
Barrick's chairman John Thornton made the announcement at a news conference at State House Dar es Salaam on Thursday after a meeting with President John Magufuli and government officials.
The mines -- Bulyanhulu, Buzwagi and North Mara -- are operated by Barrick's Acacia Mining, where it holds a 64 per cent stake.
The Canadian miner has also agreed to pay $300 million as a show of good faith after it was slapped with a $190 billion tax bill for alleged underdeclaration.
The company has been in talks with the Tanzanian government to resolve the tax dispute as well as an export ban of its mineral concentrates.
Tanzania to own 16pc stake in Acacia's three gold mines
