Barrick says Acacia's mine plans need changes

FILE PHOTO: The logo of sponsor Barrick Gold Corporation is seen as visitors arrive at the Prospectors and Developers Association of Canada (PDAC) annual convention in Toronto, Ontario, Canada March 4, 2019. REUTERS/Chris Helgren - Copyright CHRIS HELGREN(Reuters)

By Reuters

Published on 26/06/2019 - 16:34•Updated 26/04/2024 - 06:17

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(Reuters) - Barrick Gold Corp, the world's No. 2 gold miner, said on Wednesday some assumptions made by Acacia Mining about its mine plans were not supportable and needed adjustments.

Acacia Mining had on Monday strongly disagreed with majority shareholder Barrick Gold's valuation of the company, saying Barrick's proposal undervalued its life of mine plans and appears to have ignored the value of its exploration and development assets.

Barrick's proposal to take full control of Acacia to resolve a long-standing tax dispute with Tanzania has drawn the ire of Acacia's minority shareholders, who may have the ultimate vote on a deal.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Anil D'Silva)

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