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Barrick Gold Corp
Symbol ABX
Shares Issued 1,167,158,762
Close 2018-09-27 C$ 14.53
Market Cap C$ 16,958,816,812
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Globe says Barrick, Acacia at odds over tax payments

2018-09-28 07:44 ET - In the News

The Globe and Mail reports in its Friday edition that the already difficult relationship between Barrick and its African arm, Acacia Mining, has taken another blow over claims and counterclaims about Acacia's tax payments to the Tanzanian government. The Globe's Eric Reguly writes that the spat comes at a tense time for Acacia, whose fate is uncertain as Barrick and African gold miner Randgold Resources merge. Barrick executive chairman John Thornton said Barrick's Tanzanian mines, which have been housed in 64-per-cent-owned Acacia since 2010, "had not paid corporate income taxes" in Tanzania, although it had made other payments such as royalties and payroll taxes. Eighteen months ago, the government banned exports of gold concentrate, effectively crippling Acacia's Tanzanian operations and sending its London-listed shares into a tailspin. Mr. Thornton's tax comments came as a surprise to Acacia, whose chief executive officer, Peter Geleta, dismissed them as "inaccurate" in a Sept. 18 internal memo to employees that was sent to them to "set the record straight." The memo said that Acacia and its predecessor corporate entities had paid $1-billion (U.S.) in taxes and royalties to the Tanzanian government over 15 years.

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