According to Mining News Pro - Acacia argued that the announcement “appears to have ignored the value of the 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”.

The statement from Acacia suggested that, subject to a “fair” offer supported by shareholders, Barrick’s plans to acquire the shares it does not own (it currently holds 64%) would still be attractive to key stakeholders.

However, the largest gold producer in Tanzania, said it “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”.