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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Barrick Gold Corp    ABX   CA0679011084

BARRICK GOLD CORP

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Barrick Gold Corp. Proposes Buying the Rest of Acacia Mining It Doesn't Already Own

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05/21/2019 | 08:18pm EDT

By Maria Armental

Canadian miner Barrick Gold Corp. proposed buying the rest of Acacia Mining PLC it doesn't already own to help resolve a dispute with the Tanzanian government.

Acacia has been locked in a tax dispute in the East African nation, which canceled mining licenses for many companies, raised taxes and royalty payments and accused the Barrick subsidiary of underreporting gold and copper production.

"While a basis for a settlement has been developed but not finalized, in meetings this past weekend, the [Tanzanian government] stated that it is not prepared to enter into a settlement directly with Acacia," Barrick, which has been negotiating for Acacia, said Tuesday in a statement.

The London-listed miner, which was split from Barrick in 2010 and called African Barrick until 2014, has also been under investigation in the U.K. and Tanzania over accusations that some of its employees bribed Tanzanian government officials and consultants.

Barrick's proposal -- presented to Acacia on Tuesday -- would have Barrick acquire Acacia shares through a stock swap of 0.153 Barrick share for each share of Acacia it doesn't already own.

The exchange ratio, Barrick said, is based on the 20-day volume weighted average trading prices of Acacia and Barrick at market close in London and New York on May 20.

It implies a value for Acacia of $787 million and total consideration to Acacia's minority shareholders of $285 million, Barrick said.

The proposal could be adjusted if Acacia pays any further dividends, Barrick said.

According to U.K. takeover rules, Barrick must, by no later than 5 p.m. on June 18, either announce a firm intention to make an offer for Acacia or announce that it doesn't intend to make an offer.

Write to Maria Armental at maria.armental@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
BARRICK GOLD CORP 0.86% 18.66 Delayed Quote.1.25%
GOLD -0.23% 1341.29 Delayed Quote.4.85%
VALUE8 1.82% 5.6 Delayed Quote.18.14%
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Financials ($)
Sales 2019 8 260 M
EBIT 2019 1 798 M
Net income 2019 574 M
Debt 2019 2 811 M
Yield 2019 1,10%
P/E ratio 2019 40,34
P/E ratio 2020 33,81
EV / Sales 2019 3,22x
EV / Sales 2020 3,04x
Capitalization 23 787 M
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Mean consensus HOLD
Number of Analysts 17
Average target price 15,7 $
Spread / Average Target 16%
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Managers
NameTitle
Dennis Mark Bristow President, Chief Executive Officer & Director
John Lawson Thornton Non-Independent Executive Chairman
Graham P. Shuttleworth Chief Financial Officer & Senior Executive VP
Gustavo A. Cisneros Independent Director
J. Brett Harvey Lead Independent Director
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