Barrick Gold, Tanzanian Government reach agreement regarding Acacia Mining
Barrick Gold announced that the company, in its capacity as a facilitator, and the Government of Tanzania have arrived at a proposal that sets forth the commercial terms to resolve outstanding disputes concerning Acacia Mining's operations in Tanzania. The company will present this proposal to the Independent Directors of Acacia in the near future for their consideration. The proposed framework is consistent with the agreement announced in October 2017 and includes the following elements: The creation of a local operating company to manage Acacia's operations in the country. Economic benefits from Acacia's operations to be shared on a 50/50 basis. The Government's share of economic benefits would be in the form of royalties, taxes and a 16% free carry interest in the Tanzanian operations. A payment of $300M to the Government of Tanzania to resolve outstanding tax claims, to be paid over time on terms to be settled by the parties.