October 19, 2017 / 11:32 AM / a year ago

Barrick Gold and Tanzania reach agreement, govt to take stake in mines

DAR ES SALAAM, Oct 19 (Reuters) - Barrick Gold has agreed that Tanzania will own a 16 percent stake in three gold mines operated by Barrick’s Acacia Mining Plc, the company and a government minister announced on Thursday.

Barrick Chairman John Thornton told a news conference in the Tanzanian capital that the company had also agreed to pay Tanzania $300 million as a show of good faith.

The company and the government have been in talks for months aimed at resolving a dispute over an export ban which has hit Acacia Mining. (Reporting by Fumbuka Ng’wanakilala; writing by Maggie Fick; editing by Jason Neely)

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