Barrick Updates Progress On Framework For Acacia Mining Operations In Tanzania

(RTTNews) - Barrick Gold Corp. (ABX, ABX.TO) said that the Company and the Government of Tanzania have agreed on a framework for a new partnership between Acacia Mining plc and the Government of Tanzania, whereby economic benefits generated by Acacia's operations would be shared with Tanzania on a 50/50 basis going forward.

Barrick and the Government of Tanzania have also agreed to form a working group that will focus on the resolution of outstanding tax claims against Acacia. Under this proposal, as a gesture of good faith, Acacia would make a payment of US$300 million to the Government of Tanzania, with payment terms to be settled by the working group.

Barrick holds a 63.9 percent equity interest in Acacia, a publicly traded company listed on the London Stock Exchange that is operated independently of Barrick.