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Company News

Acacia Mining says cannot pay $300 mln to Tanzania upfront

Oct 20 (Reuters) - Gold miner Acacia Mining Plc does not have the ability to make a $300 million payment to the Tanzanian government to resolve a tax dispute, Chief Financial Officer Andrew Wray said on a call with analysts.

Acacia’s majority stakeholder, Barrick Gold, on Thursday reached an agreement with Tanzania that included a $300 million payment by Acacia and splitting of ‘economic benefits’ from operations with the Tanzanian government. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Sunil Nair)

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