Barrick and Tanzania make progress in tax row but no deal yet
Dar es Salaam — Barrick Gold has made progress in talks with the Tanzanian government to resolve a nearly two-year-long tax dispute, but it is premature to say a deal has been reached, a person familiar with the matter has told Reuters. Government officials met a week earlier with executives from Toronto-based Barrick and Randgold Resources, which Barrick is acquiring, to discuss the issue, said the source, who declined to be identified due to the sensitivity of the talks. Acacia Mining, 63.9% owned by Barrick, is operating under a raw mineral export ban and faces a $190bn tax bill from the Tanzania government. That meeting “appears to have gone well”, but there is “nothing in writing”, said the source. “The next week is crucial.” Bloomberg reported last week that Barrick had reached an agreement with the government on a $300m payment, which Acacia will make in instalments, with terms under review by a Tanzanian tax working group. It was unclear if the payment resolved outstanding t...
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