00:43:18 EDT Fri 29 Mar 2024
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or Name
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Barrick Gold Corp
Symbol ABX
Shares Issued 1,165,774,844
Close 2017-07-05 C$ 20.67
Market Cap C$ 24,096,566,025
Recent Sedar Documents

Globe/wire say Barrick's Acacia looks for adjudicator

2017-07-05 08:08 ET - In the News

The Globe and Mail reports in its Wednesday edition that Acacia Mining is seeking an adjudicator to resolve its dispute with the Tanzanian government over mining contracts as President John Magufuli ordered the suspension of any new licences. A Reuters dispatch to The Globe says that Acacia's move comes a day after the country passed two laws to force companies to renegotiate their contracts. It is unclear how many companies would be affected. Speaking at a public rally in northwest Tanzania on Tuesday, Mr. Magufuli said he had decided to rush through bills on Monday because Tanzania was fighting an economic war. "We couldn't wait to pass the laws because of the large-scale theft taking place in the mining sector," Mr. Magufuli said. Tanzania's largest miner Acacia, majority owned by Barrick Gold, said in a statement that notices of arbitration were served on behalf of companies that own its Bulyanhulu and Buzwagi mines, hit by an export ban. "The serving of the notices at this time is necessary to protect the Company," Acacia said. "But, this notwithstanding, Acacia remains of the view that a negotiated resolution is the preferable outcome to the current disputes."

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