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4-Traders Homepage  >  Equities  >  Toronto Stock Exchange  >  Barrick Gold Corp    ABX   CA0679011084

BARRICK GOLD CORP (ABX)
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OFFRE ETE Zonebourse : Jusqu'à 6 mois offerts sur tous les portefeuilles

Barrick Gold : to hold talks with Tanzania over export row

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06/14/2017 | 09:57pm CEST

DAR ES SALAAM/NAIROBI (Reuters) - Barrick Gold's (>> Barrick Gold Corp) chairman and Tanzania's president met on Wednesday and agreed to hold talks aimed at resolving an escalating dispute over an export ban which has hit Barrick's Acacia Mining PLC (>> Acacia Mining PLC).

DAR ES SALAAM/NAIROBI (Reuters) - Barrick Gold's (>> Barrick Gold Corp) chairman and Tanzania's president met on Wednesday and agreed to hold talks aimed at resolving an escalating dispute over an export ban which has hit Barrick's Acacia Mining PLC (>> Acacia Mining PLC).

Shares in Acacia, which is 63.9 percent owned by Barrick, jumped as much as 11 percent, to 303 pence, after the news and closed 5.5 percent higher, outpacing sector rivals <.FTNMX1770>.

Tanzania is Africa's fourth-largest gold producer, and Acacia its largest miner, with three gold mines that also produce copper in the East African country.

Acacia's market value has nearly halved to about $1.4 billion since Tanzania banned the export of unprocessed ore in March, part of a push for the construction of a local smelter to make the country's gold exports more valuable.

"I feel very optimistic that we will reach a resolution which is a win-win," Barrick Chairman John Thornton said after meeting Tanzanian President John Magufuli.

"We'll be sitting down soon with a team designated by the president and our own team."

A statement from the president's office said that Barrick is ready to discuss "the payment of compensation of losses incurred by Tanzania from the company's operations in the country."

It also said Thornton agreed to cooperate with Tanzania to build a smelter in the country.

"In one or two weeks, we will begin full negotiations... we should be able to come to a compromise," Magafulu said.

Tanzania's justice and constitutional affairs minister said the country would immediately begin the process of amending its mining, gas and tax laws to ensure it benefited more from its natural resources.

The government, which has alleged that Acacia has evaded taxes, said its audit showed the miner had 10 times more gold in containers prepared for export than it declared.

"We have never stolen, we have never evaded taxes, we have never forged documents to avoid paying royalties and we have never been unlawful," Acacia Chief Executive Brad Gordon said in a June 13 internal memo.

Acacia, which may provide a further update on a previously-scheduled call on Thursday, said that Barrick has agreed to begin talks, but no agreement has been reached.

Barrick, which reports second-quarter results on July 26, has said that if Acacia needs to revise its 2017 forecast, Barrick would evaluate adjustments to its own full-year outlook.

Acacia accounts for approximately 10 percent of Barrick's 2017 forecast output of 5.3-5.6 million ounces of gold.

(Additional reporting by Susan Taylor in Toronto; writing by Duncan Miriri in Nairobi and Zandi Shabalala in London; Editing by Marguerita Choy/David Clarke/Alexander Smith)

By Fumbuka Ng'wanakilala and David Lewis

Stocks treated in this article : Barrick Gold Corp, Acacia Mining PLC
Stocks mentioned in the article
ChangeLast1st jan.
GOLD 0.01% 1281.57 Delayed Quote.-1.80%
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Financials ($)
Sales 2018 7 924 M
EBIT 2018 2 360 M
Net income 2018 826 M
Debt 2018 3 274 M
Yield 2018 0,88%
P/E ratio 2018 18,10
P/E ratio 2019 19,84
EV / Sales 2018 2,30x
EV / Sales 2019 2,25x
Capitalization 14 941 M
Chart BARRICK GOLD CORP
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Barrick Gold Corp Technical Analysis Chart | ABX | CA0679011084 | 4-Traders
Technical analysis trends BARRICK GOLD CORP
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TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 20
Average target price 17,0 $
Spread / Average Target 32%
EPS Revisions
Managers
NameTitle
Kelvin P. M. Dushnisky President & Non-Independent Director
John Lawson Thornton Non-Independent Executive Chairman
Catherine Phillipa Raw Chief Financial Officer & Executive Vice President
Gustavo A. Cisneros Independent Director
Anthony Munk Independent Director
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