acacia mining

Acacia Mining (formerly known as African Barrick Gold plc) was a major gold mining company primarily operating in Tanzania. It was Tanzania's largest gold producer at its peak, with three key mines in the northwest of the country: Bulyanhulu (underground, Shinyanga Region), Buzwagi (open-pit, near Kahama), and North Mara (combined open-pit/underground, Mara Region).

These operations focused on gold extraction, with copper and silver as by-products, and the company also had exploration interests in Kenya, Burkina Faso, and Mali.History and Key Events

• Established as a Barrick Gold subsidiary in Tanzania around 2000.
• Spun off and listed independently on the London Stock Exchange (LSE: ACA) and Dar es Salaam Stock Exchange in 2010, changing its name to Acacia Mining in 2014.
• Faced major controversies starting in 2017 under President John Magufuli's administration:
  • A government ban on exporting gold/copper concentrates.
  • Accusations of illegal operations, underreporting exports, and tax evasion.
  • A massive $190 billion tax/assessment demand (widely seen as exaggerated/symbolic).
  • These issues severely impacted operations, leading to losses and negotiations.

Acquisition by Barrick Gold

• In 2019, majority shareholder Barrick Gold (Canadian, holding ~64%) acquired full ownership of Acacia in a $1.2 billion deal (approved by UK courts), delisting Acacia from exchanges.
• As part of the resolution, Barrick settled disputes with the Tanzanian government for $300 million, lifted the export ban, and formed Twiga Minerals—a 50/50 joint venture between Barrick and the Government of Tanzania to manage the Tanzanian assets (North Mara, Bulyanhulu, and Buzwagi).
• Post-2019, the mines operate under Barrick's direct control via Twiga Minerals, often described as a "Tier One" gold complex producing significant output.