{"id":797203,"date":"2018-06-25T10:39:43","date_gmt":"2018-06-25T10:39:43","guid":{"rendered":"http:\/\/juniorminingnews.com\/?p=797203"},"modified":"2018-06-25T10:39:43","modified_gmt":"2018-06-25T10:39:43","slug":"no-end-in-sight-for-acacia-mining-tax-row-with-tanzanias-govt-2","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=797203","title":{"rendered":"No end in sight for Acacia Mining tax row with Tanzania\u2019s Gov\u2019t"},"content":{"rendered":"

By Cecilia Jamasmie<\/a><\/span> <\/p>\n

Acacia Mining (LON:ACA), Tanzania’s No.1 gold producer, said Monday<\/a> that parent company Barrick Gold (TSX, NYSE:ABX) has yet to reach an agreement with the East African nation’s government to end a running dispute over taxes that has severely hit the miner’s bottom line<\/a>.<\/p>\n

Barrick, which has been negotiating on Acacia’s behalf with the Tanzanian government for over a year, had said it would deliver a deal for Acacia’s board to vote on by the end of June.<\/p>\n

In an update on the matter published late Sunday<\/a>, however, the world’s largest gold producer didn’t commit to set a new deadline, limiting instead to say that talks had been \u201cconstructive\u201d and ongoing.<\/p>\n

Barrick and the Tanzanian government have been in talks for over a year trying to reach a deal on the issues affecting Acacia’s operations.<\/q><\/p>\n

\u201cProgress has been made on the drafting of definitive agreements necessary for the implementation of the proposed framework,\u201d Barrick said in the statement<\/a>, adding that it could not provide a new cut-off date \u201cin order to allow the process to continue in an orderly manner.\u201d<\/p>\n

In March last year, Tanzania accused Acacia of understating its production<\/a> and seized containers of gold and copper concentrate ready for export. The move was followed shortly after by a $190-billion tax bill<\/a>.<\/p>\n

Barrick, which owns 63.9% of Acacia, struck a framework agreement in October<\/a> that was supposed to end the tax row. The deal would see the company giving Tanzania a 16% stake in three gold mines operated by Acacia, a one-off payment of $300 million (£227.6 million), and a 50:50 partnership with the government to split \u201ceconomic benefits\u201d from operations.<\/p>\n

Acacia Mining, which owns and operates Tanzania’s three major mines \u2014 Bulyanhulu, Buzwagi and North Mara, has said that a final draft for such agreement would need to be reviewed by its board.<\/p>\n

\u201cThe company will continue to engage with Barrick to seek to understand its expectations for the future conduct and a timetable for the completion of its discussions with the Government of Tanzania,\u201d it said Monday<\/a>.<\/p>\n

The African nation is the continent’s third-largest gold producer.<\/p>\n

The post No end in sight for Acacia Mining tax row with Tanzania’s Gov’t<\/a> appeared first on MINING.com<\/a>.<\/p>\n

…read more<\/a> <\/p>\n

From:: Mining.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Cecilia Jamasmie Acacia Mining (LON:ACA), Tanzania’s No.1 gold producer, said Monday that parent company Barrick Gold (TSX, NYSE:ABX) has yet to reach an agreement with the East African nation’s government to end a running dispute over taxes that has severely hit the miner’s bottom line. Barrick, which has been negotiating on Acacia’s behalf with […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/797203"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=797203"}],"version-history":[{"count":0,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/797203\/revisions"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=797203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=797203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=797203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}