Barrick Could ‘Force’ Resolution to Acacia’s Troubles, CEO Says
- Bristow said Barrick can ‘force the process’ if necessary
- Barrick may look at strategic options for Acacia, Bristow says
Photographer: Simon Dawson/Bloomberg
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Barrick Gold Corp.’s Mark Bristow said the company may have to “force” an end to stalled talks with Tanzania over the fate of its subsidiary Acacia Mining Plc -- but not yet. Shares of the unit pared gains.
Acacia has been at odds with Tanzania’s government since July 2017, when the state handed the London-listed gold producer a $190 billion tax bill, saying it falsely declared bullion exports. Bristow became Barrick chief executive officer in January, and the following month the Toronto-based miner said it had reached a settlement proposal with the government. Yet so far, no final deal with the government has been signed.