Bristow taking Barrick helm aids Acacia talks, Tanzania AG says [Business News Network (BNN) Energy & Resources (Canada)]
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Source: Business News Network
Bristow taking Barrick helm aids Acacia talks, Tanzania AG says Mark Bristow taking over the leadership of Barrick Gold Corp. facilitated negotiations with Tanzania about a multibillion-dollar tax dispute that could be resolved by May, the country’s attorney general said. Barrick unit Acacia Mining Plc has been at odds with Tanzania’s government since July 2017, when the state slapped a US$190-billion tax bill on the company, saying the gold producer falsely declared bullion exports. Bristow was named Barrick chief executive officer in January, and the following month the company said it’s reached a settlement proposal with the government. “It has rationalized things a little bit,” Adelardus Kilangi said of Bristow’s appointment. “I think within one, two months a deal will be struck.” Barrick said Feb. 20 the settlement proposal includes the gold producer paying US$300 million to resolve outstanding tax claims, and the two parties sharing the “economic benefits” of Acacia’s operations
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