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Barrick Gold Corp
Symbol ABX
Shares Issued 1,166,263,347
Close 2017-10-26 C$ 18.64
Market Cap C$ 21,739,148,788
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FP/wire say Barrick takes heat for caving into Tanzania

2017-10-26 06:58 ET - In the News

The Financial Post reports in its Thursday edition that Barrick Gold posted a loss in the third quarter Wednesday thanks to lower gold production and a hit on sales from its Tanzanian operations . A CP-Reuters item inside the Post says that Barrick had a net loss of $11-million or a penny per share for the quarter, compared with net earnings of $175-million or 15 cents per share a year earlier (all figures U.S.). Barrick says that overall gold production came in at 1.24 million ounces, compared with 1.38 million for the third quarter last year. The company, which owns 64 per cent of Tanzania-focused Acacia Mining, is embroiled in a tax and refining dispute with the government. Some investors are criticizing Barrick for agreeing to Tanzanian demands in its proposed settlement, saying this could embolden other host nations to press for bigger concessions from miners. Several shareholders said this week that by agreeing to hand Tanzania 50 per cent of the "economic benefits" from Acacia's three gold mines, Barrick may have set the baseline for what nations may demand from miners, possibly slowing mine development. "That is not a concession, that is complying with the law," Barrick spokesman Andy Lloyd said.

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