Acacia Mining hits back at Barrick over assessment of mine plans

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Acacia Mining said it 'strongly disagrees' with a Barrick's view on the company’s life of mine plans, but added it still considered that a 'fair' takeover offer would still represent an attractive solution for stakeholders.

Barrick previously suggested that certain adjustments should be made to Acacia’s life of mine plans to reflect significant risks inherent in Acacia’s operations. But Acacia said its independent directors, remained confident with the life of mine plans.

'The company strongly disagrees with Barrick’s view on Acacia’s life of mine plans, which it understands to underpin Barrick’s valuation and price of the Proposal, and sees no reasonable basis for Barrick’s proposed adjustments,' Acacia said.

The company also said that the proposal from Barrick appeared to have ignored the value of the company’s portfolio of exploration and development assets, and the strategic value of the company’s pre-emption rights pursuant to the Relationship Agreement between Acacia and Barrick.

Acacia also accused Barrick of creating a perception that the company had been the roadblock to the settlement, which led to a material deterioration of its operating position in Tanzania.

'Acacia believes that Barrick’s intervention in Acacia’s negotiations with the Government of Tanzania (GoT), the length of time Barrick’s negotiations with the GoT have taken and the way they have managed their direct negotiations, have had the effect of undermining Acacia in Tanzania,' the company said.

At 9:27am: (LON:ACA) Acacia Mining Plc share price was -0.45p at 181.85p