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Barrick: No deadline on reaching Tanzania deal

More than 12 months since the Tanzania government seized Acacia Mining (LN:ACA) concentrate bound for export, parent company Barrick Gold (NYSE:ABX) says a final agreement is still in the works.
Barrick: No deadline on reaching Tanzania deal Barrick: No deadline on reaching Tanzania deal Barrick: No deadline on reaching Tanzania deal Barrick: No deadline on reaching Tanzania deal Barrick: No deadline on reaching Tanzania deal

Barrick is seemingly not at the end of the tunnel yet in Tanzania

Staff reporter

Barrick said over the weekend talks with the government of John Magufuli were moving along, but it did not commit to a timeline for an agreement. 

"Discussions between the Government of Tanzania and Barrick are constructive," the miner said.

"Progress has been made on the drafting of definitive agreements necessary for the implementation of the proposed framework.

"In order to allow the process to continue in an orderly manner and without an arbitrary deadline, Barrick is not providing a timetable for the completion of the discussions at this time." 

In March 2017, the government accused Acacia of massively understating its production and seized containers of gold and copper concentrate ready for export, and then issued a $190 billion tax bill in July. 

Part of the holding deal Barrick made last year was a US$300 million payment to the government, although that will be confirmed in the upcoming agreement. 

Any deal will still have to go through the Acacia board despite Barrick holding a 64% interest in the company.