Monday, December 1, 2014

Barrick Gold changes its brand name

A giant multinational gold producing company famously known as Barrick Gold operating in the name of African Barrick Gold (ABG) in its most African gold mining sites has changed its corporate name  to Acacia Mining Pic. A press statement issued yesterday in Dar es Salaam by the company’s Chief Executive Officer, Brad Gordon said that, the change is part of a larger rebranding effort to reflect the company’s new business approach and strategy. He said that, the rebranding to Acacia Mining plc comes after the company’s shareholders voted in favour of the move on 27th November 2014. Gordon clarified in his statement that, there is no change in his company’s ownership structure and that this is not a tax avoidance scheme, adding that, ABG Maendelo fund will now be known as the Acacia Maendeleo Fund. “We need to make it clear that the change of names is not being undertaken to avoid paying any taxes, but to reflect our new business approach h and strategy”, he said and added that this change will not affect any jobs and does not change the ownership structure of the company. The statement is quoted as saying that, the company will remain an independent gold miner listed on both the London  Stock Exchange and Dar es Salaam Stock Exchange, and stressed further that, there will be no change to the employment contracts or terms and conditions of employment at these operations as a result of change in name. He further clarified that, the tree on which the new name of his company is based is seen as an icon part of the African landscape and highlights that their focus is on Africa. In addition, the company has maintained the African globe in its logo to emphasize their commitment to the continent. The statement is further quoted as saying that, Acacia Mining plc remains committed in areas where it operates and will continue to be one of the leading economic contributors in Tanzania to sustainable mining with safety continuing to be paramount importance. Acacia mining plc, formerly African Gold is one of the largest gold producers in Africa  and in Tanzania the company is operating in three main gold sites of Buzwagi, North Mara and Bulyanhulu

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