Barrick subsidiary Acacia Mining's Bulyanhulu mine.
Canadian gold miner Barrick Gold Corporation says progress has been made in discussions between the company and the Tanzanian government on the drafting of definitive agreements that are necessary for the implementation of a proposed framework agreement with Barrick’s 63.59% owned and independently operated subsidiary Acacia Mining’s operations in Tanzania.
If Barrick is able to conclude discussions satisfactory with the government, the proposal will be sent to the Independent Committee of the Acacia board of directors for consideration.
Acacia commented that it will continue to engage with Barrick to understand its expectations for the future conduct and timetable for completion of its discussions with the Tanzanian government.
Initial agreements between Barrick and the government, in October 2017, entailed that benefits generated by Acacia’s operations would be shared with Tanzania on a 50/50 basis.
The framework agreement sets out the terms for the partnership between Acacia and the Tanzanian government.
Barrick initiated the talks with the Tanzanian government after it banned the export of unprocessed minerals, including from Acacia’s operations, in March 2017.
Acacia has scaled back its operations in the country amid the dispute.