Newspaper article The Canadian Press

Barrick Reaches Deal to Share Profits with Tanzania on Acacia Tax Row

Newspaper article The Canadian Press

Barrick Reaches Deal to Share Profits with Tanzania on Acacia Tax Row

Article excerpt

Barrick reaches deal in Tanzania tax row

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TORONTO - Barrick Gold Corp. (TSX:ABX) says it has reached a new partnership deal with the government of Tanzania to settle a tax dispute with its majority-owned Acacia Mining plc.

The company says the framework signed Thursday includes creating a new Tanzanian operating company to manage Acacia's three mines in the country, and a 50-50 sharing of economic benefits of the mines between the new company and the government.

Barrick said the benefits sharing will be achieved through transferring a 16 per cent interest in the three mines to the government, as well as through royalties and taxes.

The country's government will also have a say in the new company's operations, which will maximize employment for Tanzanians and look to increase gold processing in the country, Barrick said. …

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