New Barrick eyeing several options to end Tanzania tax dispute, says CEO
Mark Bristow says he is confident the row will be resolved
Toronto — The new Barrick Gold Corporation is considering options for its stake in Acacia Mining including possible sale, as Barrick works to end a nearly two-year-long tax dispute in Tanzania that has effectively shuttered operations there, CEO Mark Bristow said on Wednesday. The new Barrick, which began trading on Wednesday following its merger with Randgold Resources, holds a 64% stake in Acacia, which has not been able to export gold during the tax row. Bristow expressed confidence that the conflict, which began when the Tanzanian government slapped Acacia with a $190bn tax bill in March 2017, would be resolved. “This has been a very complex and challenging situation where no-one has won. It’s untenable and will be resolved,” said Bristow, who previously led Randgold. Under an October 2017 framework pact that has yet to be implemented, Barrick executive chair John Thornton and Tanzanian President John Magufuli agreed that Acacia would pay the government $300m and 16% ownership a...
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