THIS WEEK: Tanzania government, Barrick Gold open talks over mining dispute
The government of Tanzania and Barrick Gold, a global gold mining firm have opened talks to resolve a dispute over taxation and illegal operations. The Tanzanian government slapped a $190billion fine on Acacia Mining, a subsidiary of Barrick Gold questioned its staff, and barred one of Acacia Mining’s senior executives from leaving the country.
On July 31, the Canada-based gold mining giant said it had opened talks with senior government officials led by Tanzania’s Minister for Justice and Constitutional Affairs Palamagamba Kabudi. Barrick CEO Richard Williams jetted into the country to lead talks after the Acacai Mining’s stock value plummeted. Shares slightly went up although the company has lost 67% of its value since the export ban on gold came hard on it in March.
Barrick’s chairman John Thornton and President John Magufuli met in June in Dar es Salaam to discuss the ban and other issues.