Acacia Mining
A formerly London-listed gold-mining company whose principal operations were in Tanzania and which was reacquired by Barrick Gold in 2019.
Last updated October 30, 2026
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Overview
Acacia Mining was a British gold-mining company focused principally on the exploration, development and operation of gold assets in Tanzania. It operated as an independent listed business from 2010 until 2019, although Barrick Gold remained its controlling shareholder and strategic parent throughout much of that period. The company was formerly known as African Barrick Gold and changed its name to Acacia Mining on 27 November 2014. The business originated in Barrick Gold's expansion into Tanzania. Barrick acquired the Bulyanhulu property through its 1999 purchase of Sutton Resources and obtained the Buzwagi and Tulawaka assets through its acquisition of Pangea Goldfields in 2000. Barrick later acquired the North Mara operation through its takeover of Placer Dome in 2006. These assets formed the core of the African mining business that Barrick subsequently separated and floated on the London Stock Exchange as African Barrick Gold in 2010. Acacia was also listed on the Dar es Salaam Stock Exchange and became a constituent of the FTSE 250 Index during its independent listed life. Acacia's principal operating portfolio consisted of three northwestern Tanzanian mines: Bulyanhulu, an underground mine in the Shinyanga Region; Buzwagi, an open-pit mine near Kahama in the Shinyanga Region; and North Mara, an open-pit mine in the Mara Region. Bulyanhulu opened in 2001 and was described as Tanzania's deepest mine. North Mara began production in 2002, while Buzwagi opened in 2009 and was one of Tanzania's largest individual open-pit mining operations. The company also held exploration interests in Kenya, Burkina Faso and Mali. Acacia became the subject of sustained controversy in Tanzania. Disputes with the Tanzanian government involved tax assessments, the reporting and export of gold-bearing concentrates, royalties, environmental compliance and the regulatory treatment of its mines. In 2017, Tanzania imposed a ban on the export of gold and copper concentrates following allegations that Acacia had materially understated the value and composition of its exports. The dispute sharply damaged the company's market value and constrained parts of its operating and export model. Acacia contested important elements of the government's allegations, while Barrick conducted negotiations with the Tanzanian government. The company also faced serious allegations concerning environmental pollution, security incidents, community impacts, alleged sexual violence and corruption. A 2019 environmental order and fine related to alleged pollution at North Mara. Human-rights organizations and journalists raised concerns about the conduct of security personnel and the availability of remedy for affected communities. These matters generated litigation, investigations and reputational pressure, in addition to the company's commercial and regulatory difficulties. In 2019, Barrick Gold agreed to acquire the shares in Acacia that it did not already own. The transaction was completed in September, after which Acacia was delisted and ceased to exist as an independent public company. Its Tanzanian operations were brought into the Barrick group, ending Acacia Mining's separate corporate identity.
History
Acacia Mining's origins lay in Barrick Gold's development of a Tanzanian gold portfolio. Barrick entered the country in the late 1990s by acquiring Sutton Resources, which brought the Bulyanhulu property into its portfolio. In 2000, Barrick acquired additional Tanzanian assets, including Buzwagi and Tulawaka, through the purchase of Pangea Goldfields. The North Mara mine was added in 2006 through Barrick's acquisition of Placer Dome. Barrick organized these African assets into a dedicated business and floated the company on the London Stock Exchange in 2010 under the name African Barrick Gold. The listing gave the business a separate public-market identity while Barrick remained its major shareholder. The company also traded on the Dar es Salaam Stock Exchange and was included in the FTSE 250 Index. On 27 November 2014, it changed its name to Acacia Mining. The company's operating identity was built around three Tanzanian mines. Bulyanhulu was an underground operation in the Shinyanga Region, approximately 55 kilometres south of Lake Victoria, and began production in 2001. North Mara, an open-pit operation in the Mara Region, opened in 2002. Buzwagi, an open-pit mine near Kahama in the Shinyanga Region, opened in 2009. Acacia also maintained exploration properties in Kenya, Burkina Faso and Mali, but Tanzania remained the center of its production business. Acacia's independent period was marked by increasingly difficult relations with the Tanzanian government. Authorities challenged the company's tax position and alleged that mineral exports had been underdeclared. A 2016 tribunal decision described a sophisticated tax-evasion scheme and imposed a fine in relation to historical export declarations. In 2017, a government investigation alleged that Acacia had reported substantially less gold and other valuable minerals than were present in exported concentrates. Tanzania responded by restricting exports of gold and copper concentrates. Acacia rejected major parts of the allegations, but the dispute affected production, exports, liquidity and investor confidence. The dispute was accompanied by negotiations involving Barrick Gold and the Tanzanian government. In 2017, Barrick announced a framework that included a proposed payment to Tanzania and a proposed government ownership interest in the mines. The announcement was followed by the departure of Acacia's chief executive, chief financial officer and chief operating officer. The company's Tanzanian operations also remained exposed to environmental and social controversy. Allegations concerning pollution at North Mara led to regulatory action in 2019, while human-rights groups and journalists reported concerns about security incidents, alleged abuses, community grievances and access to effective remedy. Separate reporting described alleged payments to Tanzanian officials connected with land valuation near North Mara; these allegations led to legal and regulatory attention. Barrick Gold ultimately decided to bring Acacia back within the group. In September 2019, it acquired the shares it did not already own. Acacia was delisted from the London Stock Exchange and no longer operated as an independent public company. Its mines and related activities were integrated into Barrick's Tanzanian business, bringing the separate Acacia corporate brand to an end.
- 2019
Barrick reacquires Acacia
[1]Barrick Gold completed the acquisition of Acacia's minority shares, after which Acacia was delisted and ceased to be an independent public company.
- 2017
Tanzania restricts concentrate exports
[1]A dispute over tax, export declarations and the composition of mineral concentrates led Tanzania to impose an export restriction.
- 2014
Company renamed Acacia Mining
[1]African Barrick Gold adopted the Acacia Mining name on 27 November.
- 2010
African Barrick Gold floats in London
[1]Barrick separated its African gold business into African Barrick Gold, which listed on the London Stock Exchange.
- 2009
Buzwagi opens
[1]The Buzwagi open-pit mine near Kahama commenced production.
- 2006
North Mara enters Barrick's portfolio
[1]Barrick acquired North Mara through its takeover of Placer Dome.
- 2002
North Mara opens
[1]The North Mara open-pit gold mine began operations in the Mara Region.
- 2001
Bulyanhulu opens
[1]The underground Bulyanhulu gold mine began production in Tanzania's Shinyanga Region.
- 2000
Barrick adds Buzwagi and Tulawaka
[1]The acquisition of Pangea Goldfields expanded Barrick's Tanzanian asset base with Buzwagi and Tulawaka.
- 1999
Barrick acquires the Bulyanhulu property
[1]Barrick Gold obtained the Bulyanhulu property through its acquisition of Sutton Resources, establishing the foundation of its later Tanzanian gold business.
Products and positioning
A Tanzania-focused gold producer and mining operator with an international exploration portfolio.
Underground gold mining · 2001
Bulyanhulu Gold Mine
Bulyanhulu was an underground gold mine in Tanzania's Shinyanga Region, approximately 55 kilometres south of Lake Victoria. Barrick acquired the property in 1999 through Sutton Resources and the mine opened in 2001. It became one of the principal assets supporting Acacia's Tanzanian production portfolio.
Open-pit gold mining · 2009
Buzwagi Gold Mine
Buzwagi was an open-pit gold mine in Tanzania's Shinyanga Region, about six kilometres southeast of Kahama. It opened in 2009 and was described as Tanzania's largest single open-pit mine and its second-largest mining operation. The mine formed part of the Tanzanian portfolio inherited from Barrick's earlier acquisitions.
Open-pit gold mining · 2002
North Mara Gold Mine
North Mara was an open-pit gold mine in the Tarime District of Tanzania's Mara Region. The mine opened in 2002 and entered Barrick's portfolio through the 2006 acquisition of Placer Dome. It became the focus of environmental, security, human-rights and community-relations controversies during Acacia's operating period.
Mining operations
Gold exploration and production
Acacia's core commercial activity was the exploration, development, extraction, processing and sale of gold from mining properties. The business was principally Tanzanian, with exploration interests also reported in Kenya, Burkina Faso and Mali. Its outputs were industrial commodities rather than consumer-facing branded products.
Controversies
2019
North Mara pollution allegations
Acacia was fined and subjected to an environmental protection order concerning alleged pollution associated with the North Mara mine's tailings dam.
2019
Criticism of the North Mara grievance process
A review reported that Acacia's grievance mechanism at North Mara did not comply with the United Nations Guiding Principles on Business and Human Rights.
2018
Alleged corruption linked to land valuation
Reporting alleged that cash payments exceeding $400,000 were made to Tanzanian officials connected with land valuation near North Mara. Tanzanian authorities charged affiliates in relation to corruption and other offenses, while reporting also described scrutiny by the United Kingdom Serious Fraud Office.
2017
Tanzanian tax and concentrate-export dispute
Tanzanian authorities accused Acacia of underreporting export volumes and mineral content and imposed restrictions on gold and copper concentrate exports. The dispute followed earlier tax findings and became the company's defining regulatory and political crisis.
2017
North Mara security and human-rights allegations
Human-rights organizations and journalists reported allegations involving deaths, injuries, alleged sexual violence and the conduct of security personnel around North Mara. The International Commission of Jurists reported concerns after a 2017 visit about the seriousness of allegations and the difficulty victims faced in obtaining remedy.
Brand decisions
2019
Barrick Gold reacquires Acacia MiningM&ABackground
Barrick was Acacia's controlling shareholder and sought to resolve the company's prolonged Tanzania-related difficulties within the wider Barrick group.
Action taken
Barrick acquired the Acacia shares it did not already own in September 2019.
Aftermath
Acacia was delisted from the London Stock Exchange and ceased to operate as an independent listed company.
2017
Pursue a Tanzania settlement frameworkStrategyBackground
A prolonged dispute over taxes, concentrate exports and regulatory matters had restricted Acacia's Tanzanian operations and damaged its valuation.
Action taken
Barrick negotiated a framework with the Tanzanian government that included a proposed payment and a proposed government interest in the mines.
Aftermath
The announcement was followed by the resignations of Acacia's chief executive, chief financial officer and chief operating officer, while the dispute continued to shape the company's ownership and future.
2014
Rebrand as Acacia MiningStrategyBackground
The publicly traded African Barrick Gold business sought a distinct identity for its African gold operations.
Action taken
The company changed its name to Acacia Mining on 27 November 2014.
Aftermath
The Acacia name became the public identity of the Tanzania-focused gold producer until Barrick reacquired the company in 2019.
Sources1 sources
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