Acacia Mining

LON250:ACA, Oct 24, 07:56 UTC FTSE 250 real-time data - Disclaimer Currency in GBP

Latest LON250:ACA News

Filter your feed

Settings

Authority
General News Provider Financial News Provider
Relevance
More Stories Less News
Focus (count of companies in a story)
Very Focused Everything

Save Changes

Want more control? Try Elite for free

You can sign up for an elite account now and get news filtering + many more benefits including:

  1. Greater Coverage
  2. More Control
  3. Access to our Opportunity Index
Become Elite I'm not interested
News

Tanzania deal in new twist as Acacia Mining says can't pay $300m upfront

ACA

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.

Read Full Details

Story Sources

nation.co.ke
Topics:
  • Business
  • Financial
News

UK gold firm's subsidiary says can't pay TZ agreed $300m - Business Daily

ACA

Acacia Mining has thrown a blanket into an agreement between the government and its majority shareholder Barrick Gold, declaring it is not in a position to pay Tanzania $300 million upfront to resolve a tax dispute. 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. 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. According to Prof Kabudi, Tanzania expects in the end to get up to 70 per cent of the share from the mines.

Read Full Details

Topics:
  • Business
  • Financial
News

Barrick Gold and Tanzania to form new partnership for Acacia's operations - Mining Technology

ACA

Canada-based Barrick Gold and the Tanzanian Government have agreed on a framework for creating a new partnership for operations of the company’s majority-owned subsidiary Acacia Mining, Tanzania. Thornton said: “Following constructive discussions with our Tanzanian partners, we have developed a framework for a modern, 21st century partnership that should ensure Acacia’s operations generate sustainable benefits and mutual prosperity for the people of Tanzania, as well as for the owners of Barrick and Acacia. In addition, both Barrick Gold the government of Tanzania have agreed to establish a working group to resolve the outstanding tax claims against Acacia. Under the plan, Acacia is proposed to pay $300m to the government as a gesture of good faith.

Read Full Details

Story Sources

mining-technology.com
Topics:
  • Business
  • Politics
  • Financial
News

Acacia Mining PLC (ACA) PT Lowered to GBX 195 at Jefferies Group LLC

ACA

Charles Stanley reissued a sell rating and set a GBX 210 ($2.79) price target on shares of Acacia Mining PLC in a research note on Tuesday, September 5th. J P Morgan Chase & Co reissued a neutral rating and set a GBX 230 ($3.06) price target on shares of Acacia Mining PLC in a research note on Friday, October 13th. Acacia Mining plc is primarily engaged in the business of mining, processing and sale of gold. Acacia Mining PLC has a 52-week low of GBX 152.80 and a 52-week high of GBX 580.00. The company’s market cap is GBX 782.06 million.

Read Full Details

Topics:
  • Business
  • Financial
News

Tanzania: Barrick Deal to Serve As Model, Says JPM

ACA

One of the conditions provided for by the laws and which Barrick agreed to is the acquisition of 16 per cent "free carried interest" in each of Acacia's mines, Prof Kabudi said. Dar es Salaam — The government and Barrick Gold Corporation yesterday reached a landmark deal that will ensure that economic benefits generated by Acacia Mining's operations in the country are shared between the two parties on a 50/50 basis. "We have also agreed that a holding company for Acacia's assets in Tanzania should be formed, that Tanzanian directors should be appointed to Acacia mining subsidiaries' board of directors," Prof Kabudi noted. "We have also agreed that Tanzanian directors should be appointed to all gold mines owned by Acacia.

Read Full Details

Story Sources

allafrica.com
Topics:
  • Business
  • Financial
News

Barrick inks 50/50 deal with Tanzania, pays $300m in goodwill - Miningmx

ACA

BARRICK Gold has agreed to share equally the “economic benefits” generated by the mines of its 63.9%-held listed subsidiary, Acacia Mining, with the Tanzanian government to which it will also pay $300m in part payment – described as a goodwill gesture – for outstanding tax allegedly owed to the East African country by Acacia. The government claimed it was owed tens of billions of dollars in unpaid tax, as well as penalties and interest – a impost on Acacia that was clearly unsustainable. In terms of the framework agreement “… economic benefits generated by Acacia’s operations would be shared with Tanzania on a 50/50 basis going forward”, Barrick Gold said in an announcement. “Under this proposal, as a gesture of good faith, Acacia would make a payment of $300m to the Government of Tanzania, with payment terms to be settled by the working group,” said Barrick.

Read Full Details

Story Sources

miningmx.com
Topics:
  • Business
  • Financial
News

Tanzania miners watch and wait on bid to overturn ore export ban - Stockhead

ACA

Cradle Resources. Indiana Resources. Niobium explorer Cradle Resources (ASX:CXX) and graphite play Graphex Mining (ASX:GPX) both improved. Another Tanzanian graphite play Magnis Resources (ASX:MNS) dipped 4 per cent to 46c on Friday.

Read Full Details

Story Sources

stockhead.com.au
Topics:
  • Business
  • Financial
News

Barrick And Acacia Directors Unlikely To Endorse Tanzania Mining Nationalization

ACA

Barrick And Acacia Directors Unlikely To Endorse Tanzania Mining Nationalization. The sigh of momentary relief and excessive market euphoria notwithstanding, a clear majority of Acacia and Barrick’s Independent board directors – are NOT – likely to endorse this deal, fearing ruinous shareholder lawsuits. Split Board Votes on deal will doom agreement. Magufuli also aware that the boards of both companies are likely to reject the deal urged Barrick’s chairman to ‘ignore uncooperative shareholders’ and force thru the deal.

Read Full Details

Story Sources

frontera.net
Topics:
  • Business
  • Financial
News

Acacia unveils blueprint for cash in teeth of Tanzania crisis - Miningmx

ACA

“Any proposal agreed in principle between Barrick and the GoT [Government of Tanzania] will require Acacia’s approval. Acacia said it was seeking clarification regarding the agreement which was intended to resolve a seven month government embargo on mineral concentrate exports from Acacia’s Bulyanhulu and Buzwagi mines. Investec Securities believed Acacia’s cash position would “get worse before it gets better” with consensus expecting cash of $79m at the financial year close and net cash of $8m. Cash on hand fell to $95m in the third quarter whereas it was about $302m in the same quarter of the previous financial year.

Read Full Details

Story Sources

miningmx.com
Topics:
  • Business
  • Financial
News

Tanzania's John Magufuli gets Barrick Gold and Acacia Mining to do $300 million tax deal — Quartz

ACA

The Toronto-based company said it will pay the government $300 million as part of the deal, give the government a 16% stake in its mines, and will equally split “economic benefits” from the mining operations. Tanzania’s government has struck a deal with Barrick Gold, following a dispute that saw the company’s African subsidiary taxed a jaw-dropping $190 billion in revised taxes, interests, and fines. Impacted by the ban on gold and copper exports, Acacia says it has cut spending on its operations in Tanzania. In July, the government slapped Acacia with a $190 billion fine for allegedly operating illegally in the country and for failing to fully disclose its earnings in almost two decades.

Read Full Details

Story Sources

qz.com
Topics:
  • Business
  • Financial
News

EPS for Capitala Finance (CPTA) Expected At $0.27; 9 Bullish Analysts Covering Acacia Mining PLC (LON:ACA)

ACA

EPS for Capitala Finance (CPTA) Expected At $0.27; 9 Bullish Analysts Covering Acacia Mining PLC (LON:ACA). Among 23 analysts covering Acacia Mining Plc (LON:ACA), 9 have Buy rating, 7 Sell and 7 Hold. Jpmorgan Chase & holds 0% in Capitala Finance Corp (NASDAQ:CPTA) or 24,609 shares. Oppenheimer maintained Capitala Finance Corp (NASDAQ:CPTA) on Tuesday, August 8 with “Hold” rating.

Read Full Details

Story Sources

whatsonthorold.com
Topics:
  • Business
  • Financial
News

Proactive weekly mining news - Acacia Mining, Tertiary Minerals, Galantas Gold, Landore Resources Ltd

ACA

Barrick agreed the African country would take a 16% stake in three gold mines operated by Acacia, a 50% share in revenues from the mines and a one-off payment of $300mln (£228m). Under the deal, Acacia would form a new joint venture with the Tanzanian government to operate its three mines in the country, including Bulyanhulu and Buzwagi and North Mara. The company noted that the revenue tally was similar to the preceding quarter but said it was the group’s strongest third quarter for five years. As a result of new underground workings, the total ore mined underground shot up to 75,996 tonnes from 41,096 tonnes in the previous quarter.

Read Full Details

Topics:
  • Business
  • Financial
News

What Are The Quant Signals Telling Us About Acacia Mining plc (LSE:ACA)

ACA

The Return on Assets for Acacia Mining plc (LSE:ACA) is 0.067372. This number is calculated by dividing net income after tax by the company’s total assets. The ratio may be used to provide an idea of the ability of a certain company to pay back its liabilities with assets. The Volatility 12m of Acacia Mining plc (LSE:ACA) is 69.834500. This is calculated by taking weekly log normal returns and standard deviation of the share price over one year annualized. The Free Cash Flow Yield 5 Year Average of Acacia Mining plc (LSE:ACA) is -0.001679. Ever wonder how investors predict positive share price momentum?

Read Full Details

Story Sources

collinscourier.com
Topics:
  • Business
  • Financial
News

Acacia-Tanzania proposed settlement on track -Barrick

ACA

TORONTO/LONDON, Oct 20 (Reuters) - Barrick Gold said on Friday a proposed mining settlement it negotiated with Tanzania for its Acacia Mining unit was not under threat, even though Acacia said it could not immediately make a $300 million payment included in the deal. Acacia, which has not participated in months-long talks to resolve the issues, said on Friday its board would need to approve any deal. Barrick said the proposed settlement did not require Acacia. Acacia executives said the company had not received any formal proposal on the agreement and was seeking clarity.

Read Full Details

Topics:
  • Business
  • Financial
News

Acacia third-quarter results hit by Tanzania tie up

ACA

Gold production dropped to 191,203 ounces from 204,726. The amount of gold sold also decreased to 132,787 from 206,488 over the same quarter the previous year. London-listed Acacia's share price plunged 8% at close on Friday after saying it could not make the $300m good faith payment agreed with the Tanzania government according to the FT. On Thursday, Barrick Gold appeared to have reached a deal with the Tanzanian government and released details of the framework reached. Majority shareholders, Barrick Gold Corp, which holds a 64% stake in Acacia, has been negotiating with the government on its behalf.

Read Full Details

Story Sources

capital.com
Topics:
  • Business
  • Financial