The world’s largest gold miner hopes to reach an agreement over claims against its subsidiary and the country’s current ban on mineral concentrate exports.
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Shares collapsed on the news to close almost 21% lower in London. Barrick, which has a 64% stake in Acacia, also fell in both Toronto and New York.
Early reports claimed that Tanzania had asked foreign workers of the gold miner to leave the country, but a spokesperson for the company denied that story.
It means that the miner, which had revenue of $1bn last year, will pay about $31 million extra in royalties a year.
The miner said it continues to seek a “constructive dialogue” with the country's government to gain assurance that its operations will not be affected by newly enacted mining law.
President John Magufuli has also ordered the mining ministry to freeze the renewal of expired permits.
The two new laws allow the government to force mining and energy companies to renegotiate their contracts.
The Tanzanian government submitted three bills to parliament on Thursday that would allow it to force mining and energy companies to renegotiate their contracts.
Hundreds of villagers near the North Mara gold mine in Tanzania invaded the mine for several days last week in an attempt to steal gold ore.
Barrick confirmed chairman John Thornton met President John Magufuli for talks Wednesday, but didn't mention the details of what, if anything, had been agreed.
Government accused the gold miner of operating illegally in the country and said it has been evading taxes.
Barrick's comments come on the heels of a report published this week, which claims its Tanzanian subsidiary has been under-reporting the amount of metal in its shipments to evade taxes.
Shares in gold producer Acacia Mining, one of the firms accused of eluding taxes, fell by more than 18% to 18% to 355.70 pence on the news.
With six drill rigs currently active on site, and two more to follow soon, Acacia expects to increase the resource to 2 million ounces by the end of the year.
Stock climbed 12.94%, closing the session at 529p.
African miner sticking to full year guidance of 780,000 ounces following plant shutdown amid majority owner Barrick's divestment talks.
The potential acquisition fits in the South African gold producer’s plans to expand operations across Africa.
The potential sale of its its 64% interest in Acacia would be part of Barrick's broader strategy of selling non-core assets to reduce debt.
An arbitration tribunal is set to decide in October whether Acacia Mining has to pay a $115 million compensation claim to a former partner in Tanzania.
Acacia Mining Plc is looking to buy gold mines and exploration projects in Senegal, Mali and Ghana to expand in west Africa, Chief Executive Brad Gordon said.
The miner plans underground operations at North Mara and inked a deal that could see it acquire up to 70%of a project in Burkina Faso.