Shanta Gold invests in Kenya, acquiring Acacia Exploration from Barrick
The junior oil and gas company based in Tanzania acquired a mine discovered by the Canadian mining company, leveraging an advantageous cost structure. It is looking to expand around Lake Victoria.
13/02/2020 at 16h48, by Valentin Grille
Headed by Eric Zurrin, its CEO, Shanta Gold announced its acquisition of all outstanding shares of Acacia Exploration, a subsidiary of Barrick. It will gain access to licences previously held by AfriOre Ltd for a gold mine called West Kenya. Barrick will receive $7 million in cash in addition to $7.5 million in Shanta shares. With a 6.4% stake, Barrick will become the fifth largest shareholder in the Tanzanian company.
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