Barrick Gold settles $300 million Tanzania deal over Acacia tax dispute

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Barrick Gold settles $300 million Tanzania deal over Acacia tax dispute

Barrick Gold Corp., the largest gold mining company in the world, headquartered in Toronto, Ontario, had issued a statement on Sunday, the 20th of October 2019, saying that the Canada-based gold mining company had reached a settlement deal with the Government of Tanzania over a year-long tax dispute on one of its mining group Acacia, which Barrick had taken over at a $1.2 billion deal approved by a British court last month.

According to Barrick's Sunday's (October 20th) statement, the tax deal with the Govt. of Tanzania would include a pay off of $300 million for outstanding taxes alongside other disputes, an equally shared economic benefits from the mines, while deal would put an end to a concentrate export ban for Acacia.

Meanwhile, expressing a through-and-through optimism over Barrick's presence in Tanzania, the countryland rich in precious metals with minerals making up more than 50 per cent of its entire exports, the President and Chief Executive of Barrick Gold Corp., Mark Bristow said to the reporters in the Capital city of Tanzania, Dar es Salaam on Sunday (October 20th), "Barrick is definitely back in Tanzania.

A true partnership can only be described when you have 50/50 and our joint venture with the government of Tanzania is exactly that - a committed partnership to develop Tanzania’s gold assets for the benefit of all stakeholders. "