Barrick Gold Corporation
Barrick Gold Corporation
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Barrick Gold acquiesces Tanzanian government demands to exclude management of Acacia Mining from negotiations to end their damaging stand-off with the regime of President John Magufuli, proposing a hostile share-swap takeover of its subsidiary.
Global gold giant Barrick has launched an all-shares takeover of its African subsidiary Acacia Mining after concluding there is no other solution possible to Acacia’s damaging dispute with the Tanzanian government.
Barrick holds 63.9% of Acacia, and the offer of 0.153 of its shares for each of the Acacia shares it does not already own values the target company at $US787M.
Acacia Mining has hit back at parent company Barrick Gold’s allegation the miner is an obstacle to solving a long-running tax row in Tanzania, Reuters reports.
Barrick CEO Mark Bristow has accused Acacia of was not cooperating in 3-way attempts to resolve the Tanzanian tax issues, a claim denied by Acacia.
Barrick has again raised the buyout option for majority-held Acacia after Acacia hit back at claims it’s an obstacle in resolving the long running tax dispute with the Tanzanian govt
Acacia Mining saw a surge in gold production in April thanks chiefly to a 54% rise in output from its disputed North Mara mine in Tanzania, Reuters reports.
Acacia, majority-owned by Barrick Gold, is embroiled in a long-running tax dispute with the Tanzanian govt that cut output by a third after it banned the export of mineral concentrates in 2017.
The need for an urgent settlement of the Acacia Mining/Tanzanian govt N Mara dispute underpinned by the mine’s April 54% gold jump
As it moves to create the world’s single-largest gold producer with Newmont Mining, global gold miner Barrick Gold has lifted preliminary Mar 2019 qtr (Q1 19) gold production to 1.36Moz from Q4 18’s 1.26Moz, albeit with copper output easing to 106Mlb from 109Mlbs.
The company says the start puts it on track for another record performance in FY/CY2019 as the March 2019 Newmont J/V deal allows both to realize the enormous potential of Nevada, US’, mineral endowment. Full Q1 19 report expected May 8, 2019.
Newmont Mining’s $US10B takeover offer for Goldcorp to create the world’s largest gold producer, to be called Newmont Goldcorp, is done after Newmont shareholders voted overwhelmingly to approve the deal.
More than 75% of the more than 98% of votes cast backed the Newmont offer of 0.328 of its shares and 2c for each Goldcorp share following overwhelming Goldcorp shareholder approval with more than 97% of votes cast in favor of the transaction. The deal is expected to close by June.
Kalgoorlie Super Pit operator KCGM has stuck with specialist engineer SRG Global with the award of a new 5-year contract for geotechnical ground support services, covering in-phase ground support, rock fall mitigation and rock face remediation.
The contract, worth about $A18M, extends the involvement of SRG’s Geotech business in a range of services since 1997 at the giant West Australian mine, a JV of Newmont Australia and Barrick Gold.
Goldcorp shareholders have approved Newmont Mining’s $US10B takeover offer, removing one of the last remaining hurdles to create the world’s largest gold producer, Reuters reports.
The deal, which would create a company with assets in the Americas, Africa and Australia, will be voted on by Newmont shareholders next Thursday. If approved, the deal is expected to close by June.