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Barrick Gold Corp
Symbol ABX
Shares Issued 1,751,981,799
Close 2019-07-05 C$ 20.67
Market Cap C$ 36,213,463,785
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Globe/wire say Barrick told Acacia boosts gold reserves

2019-07-08 08:07 ET - In the News

The Globe and Mail reports in its Saturday edition that Acacia Mining on Friday reported a 13-per-cent rise in gold reserves at the end of May for its Gokona mine in North Mara, Tanzania, adding weight to its view that majority shareholder Barrick Gold's buyout proposal undervalued the miner. A Reuters dispatch to The Globe says that Acacia Mining last month strongly disagreed with Barrick's valuation of the company, saying the proposal undervalued its mine plans and appeared to have ignored the value of its exploration and development assets. The increase in reserves was driven by additional drilling in the east and west extensions of Gokona underground. Barrick's proposal to take full control of its African unit to resolve a long-standing tax dispute with Tanzania has drawn the ire of Acacia's minority shareholders, who may have the ultimate vote on a deal. Barrick, however, has stuck to its offer, saying assumptions made by the smaller firm about its mine plans were out of touch and changes were indeed needed. Barrick closed Friday at $20.67, down 43 cents on the Toronto Stock Exchange.

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