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Barrick's final Acacia offer wins backing from investor Odey

  • British hedge fund Odey Asset Management says it will vote in favor of Barrick Gold's (GOLD +0.8%) increased offer to buy out Acacia Mining.
  • The approval comes after Odey previously said it would reject any offer from Barrick for its stake in Acacia (OTCPK:ABGLF) that is considered "best and final."
  • Meanwhile, the miner is close to settling a three-year long $80M tax dispute with Mali's government, CEO Mark Bristow says, adding the miner expects to conclude the mediation process soon.
  • The government has said a bullion bank that sold gold produced by Randgold Resources from the Loulo-Gounkoto gold complex in Mali owed $80M in back taxes.
  • Loulo-Gounkoto has delivered the greatest production improvement in Barrick's global portfolio and is on its way to achieve 2019 production guidance of 690K oz. of gold, Bristow says.

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