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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (123390)	10/19/2017 1:53:26 PM
From: LoneClone	Read Replies (1) \| Respond to of 193999

Barrick Gold sells 16-per-cent stake in three mines to Tanzania beta.theglobeandmail.com; Fumbuka Ng’wanakilala DAR ES SALAAM Reuters 5 hours ago October 19, 2017 Barrick Gold will give Tanzania a 16 per cent stake in three gold mines, a 50 per cent share in revenues from the mines and a one-off payment of $300-million to resolve a dispute that has hit its operations in the country, the two sides said. The Canadian miner and Tanzanian government have been in talks for months after the east African country banned the export of unprocessed minerals and enacted new laws to raise state ownership of the nation's mines. Tanzania is Africa's fourth-largest gold producer, and Barrick's Acacia Mining Plc is its largest miner, with three gold mines that also produce copper. At 1200 GMT, Acacia's London-listed shares were up 18 per cent following news of the deal. Barrick Chairman John Thornton told a news conference in the Tanzanian capital the deal would have to be approved by the independent shareholders and directors of Acacia Mining. Tanzanian justice and constitutional affairs minister Palamagamba Kabudi said the agreement was in keeping with the new mining laws passed in July. "We have also agreed to have a 50:50 share of revenues between the government and Acacia Mining from all the mines," he added.