02:35:19 EDT Fri 26 Apr 2024
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Barrick Gold Corp
Symbol ABX
Shares Issued 1,751,981,799
Close 2019-05-09 C$ 16.63
Market Cap C$ 29,135,457,317
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Globe says Acacia hits back at parent Barrick

2019-05-10 08:44 ET - In the News

The Globe and Mail reports in its Friday edition that Acacia Mining on Thursday hit back at parent company Barrick Gold's allegation that the miner was an obstacle to solving a long-running tax row in Tanzania. A Reuters dispatch to The Globe quotes Barrick chief executive officer Mark Bristow saying Wednesday that Acacia was not co-operating, prompting Acacia to demand clarification from Barrick. Acacia's interim CEO Peter Geleta told Reuters that Acacia was "totally committed to achieving a negotiated solution." Mr. Geleta said that Acacia had already been in discussion with Tanzania's government in June, 2017, when Barrick intervened without Acacia inviting it. "Barrick's intervention at such an early stage of the dispute when Acacia was talking to the government of Tanzania undermined Acacia's status, put both Acacia and Barrick into a difficult position and added a level of complexity that was unhelpful to an expedient resolution to the dispute. These are the facts and one cannot deny this," Mr. Geleta said. Acacia has been excluded from the negotiations since Barrick's intervention. Mr. Bristow said that Barrick was "stuck in the middle between Acacia and the government of Tanzania who are in a stand-off."

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