Acacia completes sales of Burkina Faso smelter royalty stake
Acacia Mining said it had completed the sale $45m sale of a 2% net smelter royalty over the Houndé Mine in Burkina Faso.
Sandstorm Gold is buying the royalty as part of a deal to shore up Acacia's balance sheet.
The disposal comes after the Tanzanian government embargoed gold and copper exports from Acacia’s Bulyanhulu and Buzwagi mines claiming the firm had under-estimated their value for years.
Acacia's chief executive Brad Gordon and chief financial officer Andrew Wray both jumped ship just days after the miner's parent company Barrick Gold caved in to the government.
Barrick in October shook hands with the Tanzania government n a framework agreement to resolve the dispute.
Acacia Mining was spun out of Barrick in 2010 as African Barrick Gold with three mines in Tanzania -- Bulyanhulu, Buzwagi and North Mara -- which the Canadia company had acquired in 1999, 2000 and 2006 respectively.