Barrick Gold, the biggest gold mining firm in Tanzania has fully acquired Acacia Mining following the Dar es Salaam court’s approval of the takeover on September 13. The buyout deal brings to an end the five-year legal battle for Barrick since handing over operations and management of its Buzwagi, Bulyanhulu and North Mara mines to Acacia.
The announcement was soon followed by a reshuffle of Barrick’s board, delisting, and suspension of Acacia’s shares from the London Stock Exchange. The London Stock Exchange posted the same on its Main Market bulletin on September 18.
Effective from September 17, Barrick owns 100 percent of Acacia giving it full control of Acacia’s Tanzanian market and operations. Acacia is now a minor shareholder in Barrick Gold. It will manage the sites directly under the Barrick banner through our African and the Middle East region. President and chief executive of Barrick Gold, Mark Bristow in a memo to Acacia’s shareholders, management and employees stated that Acacia’s shareholders will become Barrick Gold shareholders and Barrick will also close the London office to cut down corporate overheads.
