Acacia boss is getting frustrated waiting for Barrick solution

25Jul 2018
By Financial Times Reporter
LONDON
Financial Times
Acacia boss is getting frustrated waiting for Barrick solution

IT’S been a year since Acacia Mining Plc’s majority shareholder started talks on its behalf to end a standoff with the Tanzanian government and interim Chief Executive Officer Peter Geleta is getting frustrated.

Barrick Gold Corp., which owns about 64 per cent of London-based Acacia, last month withdrew a timetable to resolve the dispute with Tanzania, after previously indicating it would have a detailed proposal ready by mid-year.

The talks include efforts to lift a ban on exports of mineral concentrates introduced by the government last March, which forced the company to stockpile output and curb production.

“Not being in the room is extremely frustrating,” Geleta (pictured) said by phone Friday. “We’re obviously disappointed that the initial timetable given by Barrick has not been met.”

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