Tanzania deal in new twist as Acacia Mining says can't pay $300m upfront
Barrick Gold, which is Acacia’s majority stakeholder (64pc) reached the agreement with Tanzania that included the $300 million payment and splitting of “economic benefits” from operations in Tanzania. Barrick Gold, which is Acacia’s majority owner (64pc), had reached the agreement with Tanzanian government that included the $300 million payment Acacia Chief Financial Officer Andrew Wray. The financial results indicated that the mining company’s revenue in quarter three was $171 million, a drop of 40 per cent compared to last year. But this was in contrast with Prof Kabudi’s clarification yesterday in which he said Tanzania’s share at 50 per cent will be paid after all taxes due, royalty, fuel and road levy and local authorities fees among others are paid.