04:24:07 EDT Fri 29 Mar 2024
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or Name
USA
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Barrick Gold Corp
Symbol ABX
Shares Issued 1,751,981,799
Close 2019-05-22 C$ 16.01
Market Cap C$ 28,049,228,602
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Globe says Barrick moves to end Tanzanian troubles

2019-05-23 08:19 ET - In the News

The Globe and Mail reports in its Thursday edition that almost a decade after spinning out a minority share in its African subsidiary, Barrick wants to buy it back. The Globe's Niall McGee writes that Barrick said it intends to pay $285-million (U.S.) in stock to buy the 36.1 per cent of Acacia Mining PLC it does not already own. Barrick hopes that by taking back full control of the London-listed unit, a crippling export ban that has sidelined much of Acacia's gold production for the past two years will be lifted. In 2017, Tanzania under President John Magufuli banned Acacia from exporting gold concentrate and accused it of $200-billion (U.S.) in tax fraud. Acacia's own management has been locked out of negotiations; Barrick has been negotiating on its behalf. After Barrick bought Randgold Resources, there was hope that founder Mark Bristow might finally end the dispute. Acacia said that Tanzania is not willing to sign off on a final agreement if Acacia remains as a counterparty. "An outcome whereby Acacia could return to a normalized operating environment appears increasingly unlikely," Alan Spence, analyst with Jefferies, wrote in a note to clients. "We believe this was the trigger to Barrick proposing the offer."

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