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African Barrick “progress” on VAT repayments

VAT PAYMENTS have been made to African Barrick Gold from the Tanzanian government, a move the mining company says is “good progress” in avoiding a buildup in receivables owed to them.

The listed miner, which has operations in Tanzania and Kenya, has been looking to claw back VAT receivables, with some success, in a statement to the stock exchange this morning. It has recouped more than $10m (£6.1m) since October, and is working to maintain further monthly payments.

African Barrick is looking to reach a similar solution with the Tanzanian Revenue Authorities for VAT levied on domestic goods and services.

Brad Gordon, CEO of African Barrick Gold, said: “We are…pleased to be making good progress in preventing a further build-up in the VAT receivable and are working towards reducing the overall receivable as we move through 2014.”

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