{"id":1101075,"date":"2019-02-20T23:12:34","date_gmt":"2019-02-20T23:12:34","guid":{"rendered":"http:\/\/resourceworld.com\/?p=54939"},"modified":"2019-02-20T23:12:34","modified_gmt":"2019-02-20T23:12:34","slug":"barrick-aims-to-end-acacia-export-ban","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1101075","title":{"rendered":"Barrick aims to end Acacia export ban"},"content":{"rendered":"
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A miner operates his scoop tram at the Barrick Gold\/Acacia Mining Bulyanhulu gold mine in Tanzania. Source: Acacia Mining plc.<\/p>\n<\/div>\n

Barrick Gold Corp.<\/strong> [ABX-TSX, GOLD-NYSE] said Wednesday February 20 that it has arrived at a proposal to resolve majority-owned Acacia Mining PLC<\/strong>\u2019s [ACA-LSE] prolonged royalty and tax disputes with the government of Tanzania.<\/p>\n

It will involve a US$300 million payment to Tanzania in stages, subject to a definitive deal and approval by Acacia and the government.<\/p>\n

Accounting for 6% of Barrick\u2019s gold production, Acacia has three mines in Tanzania, including Bulyanhulu, Buzwagi, and North Mara. The aim is to resolve the ongoing dispute between the two parties following the concentrate export ban that was implemented in March 2017.<\/p>\n

The Tanzania government had previously alleged that mining companies had underpaid up to US$50 billion in taxes over the past 20 years.<\/p>\n

The government recommended that an export ban on concentrates remain in place until the back taxes are paid.<\/p>\n

However, on Wednesday, Barrick issued a press release stating that Barrick, in its capacity as a facilitator, and the Government of Tanzania, have arrived at a proposal that sets out the commercial terms to revolve outstanding disputes over Acacia\u2019s operations in Tanzania.<\/p>\n

The proposed framework is consistent with the agreement announced in October 2017 and includes the following key elements:<\/p>\n