The gold miner said discussions between the government of Tanzania and Barrick are constructive, with progress being made on the drafting of definitive agreements necessary for the implementation of a proposed operations framework.
The group added that Barrick had said it was not providing a timetable for the completion of the discussions at this time, and that if discussions were concluded satisfactorily, the proposal would be submitted to the independent committee of the Acacia board for approval.
Barrick, based in Toronto, Canada, currently holds a 63.9% equity interest in Acacia.
The discussions follow an incident earlier in June when an accident at Acacia’s North Mara gold mine in the country led to the death of a contractor’s operator.
This, in turn, followed a dispute with the Tanzanian government in April when it was banned from exporting gold and copper concentrates due to government claims that it owed undeclared royalties from its Bulyanhulu and Buzwagi mines.
In early morning trading Monday, Acacia shares were down 2.1% at 116p.