It took a day, but Barrick Gold Corp.’s tentative deal with Tanzania’s government to end a tax dispute at its African subsidiary is becoming clearer.

In a press conference and two statements, the world’s largest gold producer revealed that Acacia Mining Plc would pay Tanzania’s government $300 million and divide the future “economic benefits” of its mining operations in the African nation.

The proposed payment is a “a show of good faith,” Barrick Executive Chairman John Thornton said Thursday at a briefing after a six-hour meeting with President John Magufuli in the commercial capital, Dar es Salaam.

“As part of the proposed deal, a new Tanzanian operating company will be created to manage Acacia’s three main mines, and the government “will participate in decisions” related to its operations, investment, planning, procurement and marketing, Barrick said in a second statement. The economic benefits would be split on a 50/50 basis between the new company and Tanzania, and the government’s share will be “delivered in the form of royalties, taxes, and a 16 percent free carry interest in the Tanzanian operations,” Barrick said.

1.The state will have representatives on the board of the company and at every mine.

2.The company will hire local full-time staff.

3. Acacia will have the headquarters for its operations in Mwanza, Tanzania.

4. Acacia will keep all cash generated by mines in Tanzania in accounts within the country.

You can’t beat this, no wonder this guy doesn’t wonder around.

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