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TANZANIA GOVERNMENT, BARRICK GOLD FOR AMICABLE TALKS ON ACACIA COMPANY'S WOES

By Sultani Kipingo
Tanzania’s President Dr. John Pombe Joseph Magufuli today met with the Executive Chairman of Barrick Gold Corporation Prof. John Lawson Thornton, and  both have agreed to start  discussions  to put to bed the sizzling Acacia company’s gold concentrate export ban.
President Magufuli hosted Prof Thornton at the State House in Dar es Salaam a few hours after the non-Independent executive chairman of Barrick jetted into the East African country by private jet in efforts to pull out of the quagmire.
“We just had extensive and very productive discussions about the situation here on Acacia, and I have come here in order to help resolve the problem,  and I have assured the President that we are very interested in sitting down and reaching a resolution which is a win-win – a win for Tanzania and a win for Barrick and our subsidiary company Acacia…
“And after having this extensive conversation I feel very optimistic that we will reach a resolution that is a win-win for all parties and will be sitting down soon by the team designated by the President and our team to go through the details and I feel very good about the progress today”, Prof. Thornton remarked after the meeting.
Barrick owns some 63.9% of shares in the Acacia Company, which has been accused of underpaying the Tanzania government tens of billions of dollars over the 20 years it has been operating in the country.
The government of Tanzania in March banned exports of unprocessed copper and gold, which Acacia says is costing it $1m a day.
Shares in Acacia Mining reportedly fell sharply on Monday after Tanzania accused the London-listed company of operating illegally, and indicated it wanted to take part ownership of the miner.
Barrick Gold Corporation is the largest gold mining company in the world, with its headquarters in Toronto, Ontario, Canada. It is also currently undertaking mining projects in Argentina, Australia, Canada, Chile, the Dominican Republic, Papua New Guinea, Peru, Saudi Arabia, the United States and Zambia. For 2013, it produced 7.2 million ounces of gold at all-in sustaining costs of US $915/ounce and 539 million pounds of copper at C1 cash costs of $1.92/pound. As of December 31, 2013, its proven and probable mineral reserves were 104.1 million ounces (3250 U.S. tons) of gold, 888 million ounces of silver contained within gold reserves, and 14.0 billion pounds of copper. 
On January 20, 2006, Barrick acquired a majority share of Placer Dome. The production of the combined organization moved Barrick to its current position as the largest gold producer, ahead of Newmont Mining Corporation.
Tanzania’s President Dr. John Pombe Joseph Magufuli today met with the Executive Chairman of Barrick Gold Corporation Prof. John Lawson Thornton after their meeting at the State House in Dar es salaam. Right is the Canadian High Commissioner to Tanzania Mr. Ian Myels

 Tanzania’s President Dr. John Pombe Joseph Magufuli  assures the Executive Chairman of Barrick Gold Corporation Prof. John Lawson Thornton  a fair deal after their meeting at the State House in Dar es salaam.
 Executive Chairman of Barrick Gold Corporation Prof. John Lawson Thornton speaks to the press after the meeting at the State House in Dar es salaam.
 Tanzania’s President Dr. John Pombe Joseph Magufuli speaks to the press after his meeting with the Executive Chairman of Barrick Gold Corporation Prof. John Lawson Thornton  at the State House in Dar es salaam.Right is the Canadian High Commissioner to Tanzania Mr. Ian Myels, second right is Tanzani's Minister for Justice and Constitutional Affairs Prof. Palamagamba Kabudi.
  Executive Chairman of Barrick Gold Corporation Prof. John Lawson Thornton speaks to the press after the meeting at the State House in Dar es salaam. Photo Courtesy of the State House