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Barrick Gold, Acacia Mining deal sanctioned by UK court

The High Court of Justice in England and Wales made an order sanctioning the scheme of arrangement for the consolidation of Barrick Gold Corp.'s interest in Acacia Mining PLC.

The companies said Sept. 13 that the deal is expected to become effective Sept. 17, with Acacia Mining shares to be suspended from the London Stock Exchange.

Concurrently, Peter Geleta, Rachel English, Steve Lucas, Deborah Gudgeon, Alan Ashworth and Adrian Reynolds will resign as directors of Acacia Mining, and Graham Shuttleworth and Martin Welsh will be appointed as new directors.

In early September, Acacia Mining said that 99.98% of its shareholders had approved an improved offer by Barrick Gold to acquire the remaining 36.1% of the company that it did not already own.

Barrick Gold is consolidating its interest in Acacia Mining in an effort to resolve a tax dispute with the Tanzanian government.