Oct. 02, 2020 - Bill 42, An Act to give effect to fiscal measures announced in the Budget Speech delivered on 21 March 2019 and to various other measures was assented to on September 24, 2020, bringing into force the new rules respecting the disclosure of nominee contracts to Revenu Québec (RQ ). The...
Barrick Gold Acquires Acacia Mining
Davies acted as Canadian counsel in the acquisition by Barrick Gold Corporation (Barrick) of all of the outstanding shares of Acacia Mining plc (Acacia) not already owned by Barrick. The acquisition was completed by way of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (United Kingdom). The acquisition closed on September 17, 2019 and is valued at approximately US$428 million.
Barrick is the largest gold mining company in the world, operating mines and development projects in the United States, Canada, South America, Australia, and Africa. Acacia, spun off from Barrick in 2010, has been materially affected by ongoing disputes with the Government of Tanzania stemming from a ban on the export of mineral concentrates in 2017. Barrick has been in negotiations with the government in an effort to resolve the issues and get the export ban lifted.
Sept. 29, 2020 - The U.S. Internal Revenue Service (IRS) published proposed regulations (the Proposed Regulations) on August 14, 2020, providing much-needed guidance on the implementation of the carried interest rules under Section 1061. 1 These rules will be of great interest to investment fund managers as well...