Bams
JF-Expert Member
- Oct 19, 2010
- 19,768
- 49,934
Following the Agreement made between Barrick and the Government of Tanzania, Acacia Management in its yesterday briefing, clarified few items. Below is the summary:
- The Agreement is in principle framework between Barrick and the government of Tanzania
- A few elements of it will involve formation of a Tanzanian operating company
- Economic benefits from this company will be shared 50/50 which includes the 16% government free carried shares
- Acacia to make a payment of 300m dollars. Terms of the payments will be reviewed by the working groups
- Those working groups will also review the conditions for the lifting of the concentrates export ban
- It is frustrating for every one
- Cash position continue to fall with net cash $24m
- Total VAT receivable now stands at $175m
- Acacia is a UK PLC company, will require presence in London
- Barrick are aware of our balance sheets