Acacia Shares Rise on Reports of Agreement with Tanzanian Government
October 19 2017 - 11:44AM
Dow Jones News
By Adam Clark
Shares in Acacia Mining PLC (ACA.LN) rose 26% on Thursday after
reports that its majority shareholder, Barrick Gold Corp. (ABX.T),
reached an agreement with the Tanzanian government over operations
at its gold mines in the country.
Earlier in the day, Reuters reported that Barrick agreed to make
a $300 million one-off payment and give Tanzania a 16% stake in the
three mines operated by Acacia, plus a 50% share of revenue from
the operation--although the deal will have to be approved by
Acacia's directors and independent shareholders.
Acacia said it has received a copy of the agreement, but no
formal proposal, and added that it is seeking further
clarification.
Acacia shares at 1513 GMT trade up 15% at 209.9 pence.
Write to Adam Clark at adam.clark@dowjones.com
(END) Dow Jones Newswires
October 19, 2017 11:29 ET (15:29 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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