This archive report was first published on 23 September 2019.
On September 13, a Dar es Salaam court approved the takeover of Acacia Mining by Barrick Gold, the largest gold mining firm in Tanzania. This marked the beginning of a significant shift in the company's ownership structure.
As a result of the takeover, Barrick's board was rearranged, and Acacia's delisting from the London Stock Exchange was confirmed. The London Stock Exchange posted the suspension of Acacia shares on its Main Market bulletin on September 18.
According to a statement by Barrick, the scheme became effective on September 17, and the company now owns 100% of Acacia. Barrick will manage Acacia's Tanzanian operations directly under the Barrick banner through its African and Middle East region.
Acacia had previously announced that September 16 was the last day of dealing of its shares at the London Stock Exchange. The buyout deal brings an end to a five-year legal tussle between Barrick and Acacia, which began when Barrick handed over operations and management of its Buzwagi, Bulyanhulu, and North Mara mines to Acacia.
As part of the deal, Barrick acquired the remaining 36% of Acacia's shares at a price of 0.153 Barrick shares for each Acacia ordinary share. This move is expected to appease the Tanzanian government, which had announced its intention to cut ties with Acacia Mining in May.
