- Barrick Gold (NYSE:GOLD) is considering options for its stake in Acacia Mining (OTCPK:ABGLF) including a possible sale, CEO Mark Bristow says, as the miner seeks an end to a nearly two-year-long tax dispute in Tanzania that effectively has shuttered operations there.
- “This has been a very complex and challenging situation where no one has won. It’s untenable and will be resolved,” Bristow tells Reuters.
- Barrick could buy out the rest of Acacia that it does not already own or it could split up the company, among other options, Bristow says.
- The CEO says he expects to unveil in February a number of strategic changes that could include asset sales and new mining investments; the company is reviewing the possible sale of its 50% stake in Australia’s Kalgoorlie gold mine, which it jointly owns with Newmont Mining (NYSE:NEM), and is considering the sale of its 100%-owned Hemlo gold mine in Canada and the Lagunas Norte mine in Peru.
- Bristow was speaking on his first day as Barrick’s new CEO after the company's $6B all-stock merger with Randgold Resources (LON:RRS), hich he served as CEO and helped found in 1995.
- Now read: Looking Back At The Month Of October
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