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Feb 20, 2019

Barrick helps broker Acacia Mining deal with Tanzanian government

Barrick's new CEO on the miner's priorities

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TORONTO - Barrick Gold Corp. (ABX.TO) says it has helped facilitate a deal between Acacia Mining and the government in Tanzania.

Under the agreement, the economic benefits from Acacia's operations will be shared on an equal basis with Tanzania's government in the form of royalties, taxes and a 16 per cent free carry interest in the Tanzanian operations.

A US$300-million payment to the government will also be made over time to resolve outstanding tax claims.

Barrick holds a 63.9 per cent interest in Acacia, a publicly traded company that is operated independently.

The Toronto-based company says work is underway to finalize the definitive agreements, which must be approved by Acacia and the Tanzanian government.

Barrick chief executive Mark Bristow says the proposal will allow the business to focus on rebuilding its mining operations in partnership with their respective stakeholders.