18:15:01 EDT Thu 18 Apr 2024
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Barrick Gold Corp
Symbol ABX
Shares Issued 1,751,981,799
Close 2019-05-08 C$ 16.94
Market Cap C$ 29,678,571,675
Recent Sedar Documents

Globe says Barrick CEO frustrated over tax impasse

2019-05-09 07:09 ET - In the News

The Globe and Mail reports in its Thursday edition that Mark Bristow came to Barrick Gold from Randgold Resources with a strong reputation for operating mines in tough jurisdictions in Africa. The Globe's Niall McGee writes, however, that the solution to one of the company's most vexing problems on the continent still eludes him. Barrick's boss says the miner has made little progress in its attempts to end a tax dispute with Tanzania that has crippled production at its London-based subsidiary. Speaking in Toronto on Wednesday after the release of Barrick's first-quarter earnings, Mr. Bristow said that two years after a fracas erupted between Acacia Mining PLC (owned 63.9 per cent by Barrick) and the government of Tanzania, both parties are still very much at odds. "All the effort we've made, we don't seem to be able to get through to anyone," he said. Mr. Bristow added that Barrick is now considering "all options," including buying back Acacia's minority shareholders or encouraging the miner to announce a strategic sales process. In 2017, the Tanzanian government accused Acacia of $200-billion (U.S.) in tax fraud and imposed a gold concentrate export ban on the company. Barrick is negotiating on Acacia's behalf.

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