Shares in the gold miner are up more than 50% since September when Barrick said it was buying Randgold Resources and when Mark Bristow was named as chief executive, taking over as head of the merged entity from January.
Tanzania Mining News
Executives, investors and government officials met in Cape Town at the African Mining Indaba, the continent’s biggest gathering of one of its most essential industries.
“We don’t believe that threatening one’s partner is a constructive way to go about solving problems.”
The announcement comes amid a tax dispute between the state and Acacia Mining Plc.
Tanzania has banned shipments of mineral concentrates and slapped Acacia Mining Plc with a $190 billion tax bill.
Barrick’s Acacia Mining has been hit with a 300-million Tanzanian shillings fine (about $129,144) over allegations of environmental breaches at its North Mara mine.
Tanzanian President Magufuli said the central bank should start buying the country's gold to curb smuggling and build reserves to stabilise the currency.
A prolonged spat between the government and gold producer Acacia over a $190 billion tax bill has severely limited the company's operations in the East African nation.
A deal would be a major victory for Bristow as he prepares to take the helm of Barrick in January
Acacia chose to divest of South Houndé as part of an ongoing review of its exploration portfolio, to focus on core projects.
The alliance strategy saw little success in the Congo.
Richard Williams who served as Barrick’s chief of staff and later chief operating officer was assigned in February to work full-time on securing a deal between the Tanzanian government and Acacia Mining Plc.
Acacia has three operating mines in Tanzania and is engaged in a protracted and ugly disagreement over taxation with the government.
Bristow, who will be CEO of the merged firm, did not give specifics about what that mediation would involve, but said he would be acting in his capacity as Randgold's chief executive not as the head of Barrick.
No final decision has been made, and it’s also not clear whether all three of Acacia’s Tanzanian gold mines will be brought back into Barrick.
Revenue rose 22 percent in the quarter to $80.2 million from $65.8 million a year prior, despite diamond prices being 5 percent lower when compared to the same period of 2017.
The company is also seeking direct talks with the country's government, as it's been excluded so far from negotiations between controlling shareholder, Barrick Gold, and President John Magufuli.
The news comes barely a week after the company said another worker had been released on bail after being charged with corruption.
Johan Dippenaar has held the top position since 2005, when Petra merged with Crown Diamonds.
The Canadian miner may slash 400 jobs and involve Chinese partners in its troubled Tanzania operations.
Acacia — Tanzania's No.1 gold miner— will retain a net smelter return production royalty over the project, capped at $15 million.
Kelvin Dushnisky, who leaves Acacia and its parent company Barrick, assumes as South Africa’s AngloGold Ashanti (JSE:ANG) new boss next week.
It’s been a year since Acacia Mining Plc’s majority shareholder started talks on its behalf to end a standoff with the Tanzanian government.
Gold production for the three months to June dropped 36% to 133,778 ounces as operations at two its three mines - Bulyanhulu and Buzwagi – were scaled back.
The Kimberley Ekapa joint venture focuses on mining in the South African town of Kimberley.