Relations between Barrick and the acacias have been strained for years, especially after Tanzania hit Acacia with a $190 billion tax bill – which was later reduced to $300 million in a 2017 deal – when Barrick took over talks with the government. On June 24, 2019, Acacia announced that in 2018 it had commissioned the independent technical consulting firm SRK to conduct a comprehensive review of its geological modelling and the efficient use of resources and the preparation of its lifespan of mine plans and declarations on mineral resources and mineral reserves. SRK presented the results of this review in the form of a report on the competent persons, which came into force on 30 June 2019 and was published by Acacia on 9 July 2019. The Directors of the Transaction Committee confirm that SRK has confirmed that an updated valuation of Acacia`s assets as of the date of this notice would not be materially different from the valuation of Acacia`s assets in the report of the persons concerned. The report and a summary of it are available on the Acacia website www.acaciamining.com/media/press-releases/2019/2019-07-09.aspx. As part of the agreement, the Tanzanian government will also buy a 16% stake in each of the mines. The agreement with Barrick will be “a good opportunity to rebuild relations,” Geleta said. The Acacia Mining Rights Condition and transaction Documents Condition draw attention to planners. The acquisition is contingent on the absence of revocation, cancellation, cancellation, termination or modification of a right to prospecting or mining, a licence, authorization, waiver or concession owned or used by a member of the Wider Acacia Group after the date of this announcement, either a mining development contract in which a member of the Wider Acacia Group participates or is bound by other means if such revocation, denunciation, termination or modification is essential or is likely to be substantial in the context of the management of the broad acacia Group, and if a cancellation or termination has occurred, it has not been annulled in writing: (i) by the minister or the competent official (or any other competent authority or other competent institution); (ii) have been cancelled or cancelled or suspended within 15 working days of the cancellation or termination of the proceedings (or, if it is earlier, on the date scheduled for the court meeting), and there is no notification or indication of a decision or intention to withdraw, terminate, terminate or amend the proceedings. At a 2017 meeting between Tanzanian President John Magufuli and Barrick Chairman John Thornton, it was tentatively agreed that Acacia would pay $300 million to the government to settle tax claims and separate future revenues from operations with the country.
At the time, Acacia criticized this approach and held Barrick responsible for the deterioration of relations with Tanzania after Thornton resumed negotiations. Except for this interest, neither Barrick nor any of Barrick`s directors, nor any of the members of the Barrick Group, nor any person who negotiates with Barrick for the purposes of the acquisition, had no interest in subscribing or borrowing or lending shares or securities of Acacia, which may be convertible or convertible into Acacia shares, nor did such a person have a short position (conditional or absolute and monetary or otherwise), including a short position in connection with a derivative, a sale agreement or delivery obligation, or a right to compel another person to deliver, or a business agreement, as noted in Note 11 of the definition of “concerted” in the code. , for Acacia shares or securities converted or exchangeable in Acacia shares.