Barrick Gold says reviewing SRK report on Acacia
Barrick Gold provided an update in relation to Acacia Mining. Barrick has continued to discuss the proposal to acquire all of the Acacia shares it does not already own through a share for share exchange of 0.153 Barrick shares for each ordinary share of 10 pence each in Acacia with the Independent Directors and the Chief Executive Officer of Acacia. Barrick said it is confirming that, having so requested of the board of Acacia and following a subsequent request from Acacia to the UK Takeover Panel, the Panel has, under Rule 2.6 (c) of the Takeover Code, approved an extension of the deadline for the announcement of a firm intention to make a firm offer under Rule 2.7 of the Code to 5:00 p.m. on July 19, 2019. Barrick notes that the report by SRK Consulting Limited on Acacia's geological and resource modelling, and the preparation of its Life of Mine plans and mineral resource and reserve statements, was also published today. Barrick is currently reviewing this report against its own due diligence study of Acacia's assets. Barrick notes that the risk factors listed in the SRK report corroborate the importance of the issues raised in "Barrick's View of Acacia's Mine Plans" as set forth in Barrick's June 18, 2019 press release, not least since the valuations of Bulyanhulu assume the successful conversion of a large portion of deep high grade inferred mineral resources to mineral reserve. Barrick intends to meet early next week with representatives of Acacia and SRK to discuss the SRK report and related matters. Shareholders will be provided with an update not later than the end of next week.