Newspaper article The Canadian Press

Barrick Gold to Talk with Tanzania on Gold Exports Ban and US$190M Tax Bill

Newspaper article The Canadian Press

Barrick Gold to Talk with Tanzania on Gold Exports Ban and US$190M Tax Bill

Article excerpt

Barrick to discuss Tanzania tax row

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TORONTO - Barrick Gold Corp. (TSX:ABX) said in its quarterly results that it will start discussions with the Tanzania government next week on a precious-metal export ban and other issues impacting its majority-owned Acacia Mining company.

News of the talks come after Tanzania handed London-based Acacia a US$190-billion tax bill on Monday, alleging the 63.9-per-cent Barrick-owned company owes that much in back-taxes and penalties. Acacia disputes the assessment.

Tanzania also imposed a export ban on concentrated gold and silver in March, which could impact about six per cent of Barrick's estimated 5.3 million to 5.6 million ounces of gold production for the year through Acacia's mines. But Barrick said it's waiting until Acacia revises its guidance before changing its full-year production outlook. …

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