Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

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

SummaryChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

Barrick Gold : to hold talks with Tanzania over export row

share with twitter share with LinkedIn share with facebook
share via e-mail
0
06/14/2017 | 09:57pm CEST

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).

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
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on BARRICK GOLD CORP
10/16 BARRICK GOLD : Reports Preliminary Third Quarter Production Results
10/12 BARRICK GOLD : Reports Preliminary Third Quarter Production Results
10/11 BARRICK GOLD : To Report Preliminary Third Quarter Production Results on Oct. 12
10/11 BARRICK GOLD : To Report Preliminary Third Quarter Production Results on Oct. 12
10/11 BARRICK GOLD : Cautious investors still favouring gold royalty companies over mi..
10/11 ATAC RESOURCES LTD. : Intersects Highest Grade Gold Mineralization at Sunrise in..
10/04 BARRICK GOLD CORPORATION : given Education Hero Award
09/28 BARRICK GOLD CORP : Daily Coverage on Basic Materials Stocks, Barrick Gold, B2Go..
09/26 JOHN PAULSON : Hedge fund Paulson & Co declares war on poor gold mining returns
09/25 Investors wary as Tanzania moves to assert more control over mines
More news
News from SeekingAlpha
10/18 BARRICK GOLD : The Q3 Results May Not Be Pretty
10/16 NORTHERN DYNASTY MINERALS : Valuation Considerations
10/12 Barrick Gold reports drop in Q3 gold production, as Acacia dispute weighs
10/09 The 2017 Sellers' Strike Explained
10/03 GOLD BULL PORTFOLIO : Month In Review
Financials ($)
Sales 2017 8 576 M
EBIT 2017 3 043 M
Net income 2017 1 759 M
Debt 2017 4 637 M
Yield 2017 0,72%
P/E ratio 2017 10,49
P/E ratio 2018 21,46
EV / Sales 2017 2,74x
EV / Sales 2018 2,69x
Capitalization 18 862 M
Chart BARRICK GOLD CORP
Duration : Period :
Barrick Gold Corp Technical Analysis Chart | ABX | CA0679011084 | 4-Traders
Technical analysis trends BARRICK GOLD CORP
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 20,2 $
Spread / Average Target 26%
EPS Revisions
Managers
NameTitle
Kelvin Dushnisky President & Non-Independent Director
John Lawson Thornton Non-Independent Executive Chairman
Richard J. Williams Chief Operating Officer
Catherine Phillipa Raw Chief Financial Officer & Executive Vice President
Matthew D. Gili Chief Technical Officer
Sector and Competitors
1st jan.Capitalization (M$)
BARRICK GOLD CORP-6.49%18 862
POLYUS PAO--.--%30 038
NEWMONT MINING CORP13.27%20 451
SAUDI ARABIAN MINING COMPANY (MA'ADEN)--.--%15 550
NEWCREST MINING LIMITED7.95%13 235
AGNICO EAGLE MINES LTD-0.87%10 477