This archive report was first published on 1 July 2019.
Published on July 1, 2019, Acacia Mining Plc is seeking a resolution with the Tanzanian government over a tax dispute.
The company's fortunes have been hit hard by the government's ban on further exports of mineral concentrates from its three gold mining operations in the country, pending payment of a $190 billion tax bill.
Acacia's majority shareholder, Barrick Gold Corp, has offered to buy the company's assets, including the three goldmines it operates in Tanzania, at 0.153 Barrick shares for each Acacia ordinary share.
However, Acacia remains deeply distrustful of Barrick's ultimate motive in the deal, saying it never endorsed Barrick's 2017 move to intervene in its dispute with the Tanzanian government.
Acacia claims that Barrick's intervention has proved more damaging for its material operations in the country, and that it will continue to pursue international arbitration proceedings against the Tanzanian government.
The Tanzanian government has recently announced its intention to 'cut all ties' with Acacia Mining and instead work with only Barrick on the implementation aspects of the 2017 deal.
