Acacia Shares Rise on Reports of Agreement with Tanzanian Government

Barrick to give Tanzania stake in mines $300 million to end dispute

"Barrick and the government of Tanzania are also reviewing conditions for the lifting of the country's concentrate export ban", the agreement stated.

"As stated at the press conference, any proposal agreed in principle between Barrick and the GoT will require Acacia's approval".

Separately, the company provided further update on discussions in Tanzania.

All proposals will need to be approved by Acacia's board of directors and shareholders.

The FTSE 250 company's results were broadly in line with expectations, given that it has been unable to export around 30pc of its output since March due to a tax dispute with the Tanzanian government.

Magufuli in July slapped a $190 billion tax bill on Acacia Mining, which is 64 percent owned by Barrick, claiming the company under-declared export revenue from its mines from 2000 to 2017. (ABX.T), reached an agreement with the Tanzanian government over operations at its gold mines in the country.

In September, Acacia said it would reduce operations at its "unsustainable" Bulyanhulu mine, and that process is now ahead of schedule with an expected cost of $25m.

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Tanzania's largest gold miner said gold production for the quarter fell to 191,203 ounces, down 8.3 percent quarter on quarter, as it had reported on October 12.

Its cash balance at the end of September was $95 million, down almost 70 percent from a year earlier, Acacia said.

The impact on the company of the export ban has been significant, however. However, its all-in sustaining cost guidance of $880 to $920/oz would be preserved owing to cost saving initiatives and a cut in capital expenditure to $160m.

Financially, Acacia has been faced with danger. Profit before tax tumbled to $25m from $81m the previous year.

Acacia said in its own statement it had yet to sign off on the plan.

"Acacia has lost a staggering $1.5bn or 60% of its enterprise value since news of the concentrate ban emerged", said Investec. "This shows the intent of the Tanzanian government, but also the intent of Barrick: that now we open a new chapter that will enable Tanzanians to see the benefits of their mines".

"And, unfortunately, Acacia is not in the discussions so is not in a position to be able to clarify".

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