Barrick Gold urges negotiated resolution to dispute between Acacia, Tanzania
Barrick Gold notes today's release of the Second Presidential Committee report on mineral concentrate exports in Tanzania, stating that it believes that a negotiated resolution to the ongoing dispute between Acacia Mining and the government of Tanzania is the best way to achieve an outcome that is fair and reasonable for all stakeholders, and urges all parties to engage in dialogue. Barrick holds a 63.9% equity interest in Acacia, a publicly traded company listed on the London Stock Exchange that is operated independently of Barrick. Financial results from Acacia are consolidated for accounting purposes. Acacia operations impacted by the current ban on concentrate exports account for approximately 6% of Barrick's 2017 gold production guidance. In total, Acacia accounts for approximately 10% of Barrick's 2017 gold production guidance. Barrick's current 2017 guidance assumes a contribution of 545,000-575,000 ounces of gold from Acacia, at a cost of sales of $860-$910 per ounce, and all-in sustaining costs of $880-$920 per ounce.