RPT-New Barrick CEO of Mineral Rights Alliance to Tanzania Tax Settlement



[ad_1]

(Story recital Friday without any text change)

* Mark Bristow's plans talk about Tanzania before they come together

* The Congo had no limited strategy

Le Zandi Shabalala and Susan Taylor

LONDON / TORONTO, November 23 (Reuters) – Barrick Gold's chief executive said he wants to pull together the Tanzania mining industry to tackle a "critical" tax argument have spent several companies, and including the Acacia Mining unit.

In a growing and unpleasant conflict that has been in & # 39; lasting nearly two years, the government has released mineral contracts, taxation and royalty, and prohibits the export of raw miners.

President John Magufuli, the so-called "The Bulldozer", moved on to power in 2015 to pursue a greater share of wealth of resources and his / corruption cuts. An Acacia $ 190 billion tax return was subsequently given – around four times the home's domestic output – for recurring produce.

The mineral, 63.9% residing in Barrick, is now in attendance; shows a number of criminal taxes, from tax deduction to cash glacier, with three arrested allegations related to

Mark Bristow, new founder of Randgold, Barrick's new CEO after receiving $ 6.1 billion of Randgold to & # 39; closing on January 1, saying that the simple Barrick problem in Tanzania might want a strategy that has not been previously used.

"Tanzania has acquired a wider industry (mining) and it is not as bad as the importance of the business itself to join the government," said Bristow to Reuters at an interview earlier this month.

Although there is still no agreement for coordination, "I do not think it's a bad place," he said.

Mineral panels 4.8% of Tanzania GDP in 2016, and & # 39; last year with figures available. Acacia is affecting its & # 39; business, followed by AngloGold Ashanti, Petra Diamonds and Shanta Gold.

AngloGold said he would consider joining Acacia about the case. Another mining company's store, who did not want to speak publicly, said that it could be challenging to work with Tanzania's mining industry, may not "want to possess" Acacia issues.

It is uncertain that the general approach is successful.

A new code in the Democratic Republic of Congo, which broke a long-term sustainability agreement & # 39; as they went back to legacy and taxes, despite the strong resistance from miners led by Randgold and Glencore.

But Bristow, who says he intends to get involved in Tanzania before the termination ends, he is sure he can break down.

"Barraig is worried about the situation in the country at this time. It's urgent," he said.

The Government Chairman, John Thornton, who agreed to the agreement with the government that has not yet been done, said Bristow said "well standing" in Tanzania.

Under the contract of October, Acacia had a government payment of $ 300 million, and Assets 16% of it and its economic benefits division of its mines.

Acacia, which has over two thirds of its lost value from already in 2017, is protected by its contract, said a source. The most disastrous disaster is the disagreement with the $ 300 million payroll record and is it; In case of the long-term tax argument, the source said.

Recently, leaving one of the main Barrick negotiations, was sent to Tanzania and was a leading executive officer, Richard Williams, and company.

Head of the Barrick strategy Kevin Thomson will now be working on a new case with a New Africa and Barrick Continental, COO Willem Jacobs, who will be responsible for Williams.

Jacobs, formerly the works of the African and Eastern Chief of Randgold, were running lectures for his & her; a miner in the Congo. (Editing by Jan Harvey)

[ad_2]
Source link