London/Toronto — Barrick Gold Corporation’s offer to buy the rest of Acacia Mining for $787m is fair because the Canadian company is taking on more risk by increasing its exposure to Tanzania, Barrick CEO Mark Bristow said on Friday.  Barrick, which owns 63.9% of London-listed Acacia, proposed last on Tuesday to buy out the minority shareholders as part of efforts to resolve a 2017 tax dispute with the Tanzanian government. However, its offer, which was not a firm intention, represents a near 11% discount to Acacia’s closing share price on Tuesday and is 42% below Barrick’s own audited valuation of Acacia’s assets in its 2018 annual report. The discount has elicited complaints from some of Acacia’s minority shareholders, but Bristow said the offer was fair because Barrick was taking on more risk. “We have had a good look at the assets and ... the [agreement with the Tanzanian government], which still has to be finalised, comes with risk,” he said in an interview. “Tanzania is consid...

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