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Shares in Acacia Mining (ACA) closed up 11 per cent yesterday, after majority shareholder Barrick Gold said there had been progress in discussions to resolve the long-running dispute between the Tanzanian government and the FTSE 350 miner. The proposals echo a framework agreement proposed at the end of 2017, and include the creation of a local operating company in the country, a 50:50 share of “economic benefits”, a payment of $300m and a combination of royalties, taxes and “a 16 per cent free carry interest”. Acacia is yet to receive a formal proposal from Barrick, which said it would present the proposal to Acacia’s directors.
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