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Tanzania deal in new twist as Acacia Mining says can't pay $300m upfront

Acacia Chief Financial Officer Andrew Wray. PHOTO | NMG
Acacia Chief Financial Officer Andrew Wray. PHOTO | NMG 

Dar es Salaam

Acacia Mining has thrown a blanket into an agreement between the government and its majority shareholder Barrick Gold, declaring it is not in a position to pay Tanzania $300 million upfront to resolve a tax dispute.

The London-based company, which operates Buzwagi, Bulyankhulu and North Mara gold mines in Tanzania, appeared to question Barrick’s statement that Acacia would pay the amount, which it said was “a goodwill gesture” as it continues to negotiate the tax dispute.