Barrick May Buy Back Acacia Mining After Randgold Merger – Report
October 24, 2018
By David McKay via Miningmx
BARRICK Gold may buy the shares it doesn’t already own in Acacia Resources, the UK-listed Tanzanian miner in which it has a 64% stake.
Bloomberg News, citing people familiar with the situation, said the takeover of Acacia may happen once Barrick has completed a merger with Randgold Resources.
Mark Bristow, CEO of Randgold Resources, told Miningmx on October 1 that he was interested in Tanzania as an investment destination for his company. “Would we, as Randgold, go into Tanzania? Absolutely. Have we engaged with the government of Tanzania as Randgold? Yes, we have,” he said.
“We need to sit down and talk with all parties,” said Bristow of a dispute between Acacia Mining and the Tanzanian government in which it is alleged there are unpaid taxes estimated at tens of billions of dollars stretching back two decades. “Right now, though, I am just an interested by-stander,” said Bristow. “There’s still a lot of work to be done to get the transaction closed,” he said of the proposed merger with Barrick.