{"id":417,"date":"2018-09-17T10:08:53","date_gmt":"2018-09-17T07:08:53","guid":{"rendered":"https:\/\/www.muhunda.co.tz\/?p=417"},"modified":"2018-09-17T13:08:41","modified_gmt":"2018-09-17T10:08:41","slug":"barrick-gold-seeks-chinese-partners-in-its-tanzania-operation","status":"publish","type":"post","link":"https:\/\/www.muhunda.co.tz\/?p=417","title":{"rendered":"Barrick Gold Seeks Chinese Partners in its Tanzania operation"},"content":{"rendered":"<div class=\"author-v2\">\u00a0 <strong>Natalie Obiko Pearson\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0September 15,\u00a0\u00a02018<\/strong><\/div>\n<div><\/div>\n<figure class=\"lede-small-image-v2 lede figure-expandable\">\n<div class=\"image\">\n<div id=\"lazy-img-253169480\" class=\"lazy-img \"><img decoding=\"async\" class=\"lazy-img__image loaded\" src=\"https:\/\/assets.bwbx.io\/images\/users\/iqjWHBFdfxIU\/iKbwKyxOcxBA\/v3\/1000x-1.jpg\" data-native-src=\"https:\/\/assets.bwbx.io\/images\/users\/iqjWHBFdfxIU\/iKbwKyxOcxBA\/v3\/-1x-1.jpg\" \/><\/div>\n<\/div><figcaption><span class=\"lede-small-image-v2__caption caption\">John Thornton<\/span>\u00a0<span class=\"lede-small-image-v2__credit credit\"><span class=\"lede-small-image-v2__credit credit\">Photographer: Andrew Harrer\/Bloomberg<\/p>\n<p><\/span><\/span><\/figcaption><\/figure>\n<div class=\"body-columns\">\n<div class=\"middle-column\">\n<div class=\"body-copy-v2 fence-body\">\n<aside class=\"left-column\">\n<div class=\"blens\">\n<div class=\"datastrip datastrip__c0b5bbd3 blens__cb47e381\">\n<div class=\"instruments__c06d06c1\">\n<div class=\"showMore__86f8d892 item__5fd87d4b blens__75a2494c positive__56ea2c56\">\n<div class=\"itemAbsoluteChange__ce70ead1 positive__56ea2c56\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/aside>\n<p><a title=\"Company Overview\" href=\"https:\/\/www.bloomberg.com\/quote\/ABX:CN\">Barrick Gold Corp.\u00a0<\/a>may slash 400 jobs and involve Chinese partners in its troubled Tanzania operations, Executive Chairman John Thornton told the Globe and Mail newspaper.<\/p>\n<p>The Toronto-based company has slashed middle management by half to about 700 and \u201cwe want to get it down to 300,\u201d Thornton, who\u2019s been in his role since 2014, told the Globe in an\u00a0<a title=\"Link to Article\" href=\"https:\/\/www.theglobeandmail.com\/business\/article-the-investment-banker-who-doesnt-want-barrick-to-look-like-a\/\" target=\"_blank\" rel=\"nofollow noopener\">interview<\/a>\u00a0in London. The former Goldman Sachs Group Inc. executive wants a leaner, entrepreneurial partnership more like the early days under late founder Peter Munk, the Globe said.<\/p>\n<p>Thornton said there\u2019s \u201can almost 100 percent\u201d chance Chinese partners will get involved in Barrick\u2019s projects in Tanzania that are operated through its 64 percent stake in\u00a0<a title=\"Company Overview\" href=\"https:\/\/www.bloomberg.com\/quote\/ACA:LN\">Acacia Mining Plc.<\/a>\u00a0Acacia has plummeted 84 percent since its high in 2016 amid disputes with the government, which imposed a ban on exports of mineral concentrates last year and slapped the miner with a $190 billion tax bill.<\/p>\n<p data-tout-type=\"story\"><a class=\"terminal-news-story\" title=\"Click for full story\" href=\"https:\/\/www.bloomberg.com\/news\/terminal\/PEU7VI6JTSE8\" target=\"_blank\" rel=\"noopener\">Latest Tanzania Setback Sends Acacia Mining Tumbling Again<\/a><\/p>\n<p>The Acacia mines have never paid income tax to the Tanzanian government, which wants a new deal, Thornton told the Globe. Chinese companies can bring capital, technical expertise and &#8212; above all &#8212; political connections in Africa and Latin America that North American miners can\u2019t match, he told the Globe.<\/p>\n<p>\u201cIt\u2019s one thing to be a Canadian company. It\u2019s another to have China as your partner,\u201d Thornton told the Globe. \u201cIf I know one thing, I know this is right: we have the thinnest talent in the most difficult areas and we can\u2019t develop all these projects alone.\u201d<\/p>\n<p>Thornton\u00a0<a title=\"China Copper Partner for Barrick Gold Makes Sense, Thornton Says\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-08-09\/barrick-says-china-partner-in-copper-makes-all-kinds-of-sense\" target=\"_blank\" rel=\"noopener\">again floated the idea<\/a>\u00a0&#8212; raised in a town hall with employees last month &#8212; about forming a copper company with Chinese miners.<\/p>\n<p data-tout-type=\"story\"><a title=\"Click for full story\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-08-09\/barrick-says-china-partner-in-copper-makes-all-kinds-of-sense\" target=\"_blank\" rel=\"noopener\">China Copper Partner for Barrick Gold Makes Sense, Thornton Says<\/a><\/p>\n<p>Thornton denied speculation that he may exit the company.<\/p>\n<p>\u201cI\u2019m not leaving until this company is in the shape it ought to be in,\u201d Thornton told the newspaper. \u201cI have always stuck at things until I was either chucked out or achieved what I want to achieve.\u201d<\/p>\n<\/div>\n<p>More Info\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-09-15\/barrick-gold-seeks-chinese-partners-may-slash-headcount-globe\">Barrick Gold Seeks Chinese Partners, May Slash Headcount: Globe<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 Natalie Obiko Pearson\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0September 15,\u00a0\u00a02018 John Thornton\u00a0Photographer: Andrew Harrer\/Bloomberg Barrick &hellip; <a href=\"https:\/\/www.muhunda.co.tz\/?p=417\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Barrick Gold Seeks Chinese Partners in its Tanzania operation<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-417","post","type-post","status-publish","format-standard","hentry","category-dse-stocks-bonds"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.muhunda.co.tz\/index.php?rest_route=\/wp\/v2\/posts\/417","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.muhunda.co.tz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.muhunda.co.tz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.muhunda.co.tz\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.muhunda.co.tz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=417"}],"version-history":[{"count":0,"href":"https:\/\/www.muhunda.co.tz\/index.php?rest_route=\/wp\/v2\/posts\/417\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.muhunda.co.tz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=417"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.muhunda.co.tz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=417"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.muhunda.co.tz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=417"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}