Barrick Gold suggested the head grade at the Bulyanhulu mine (pictured) was lower than Acacia has reported. Photo courtesy of Acacia Mining

Barrick announced on Tuesday that it and former-subsidiary Acacia Mining have agreed to extend the deadline for Barrick to confirm its buyout offer for Acacia to July 9.             

Barrick said in a press release that “this extension will allow for the continuation of discussions with the Independent Directors and further engagement with Acacia’s shareholders concerning the Proposal made to Acacia.”

Barrick’s initial proposal – a share for share exchange of 0.153 Barrick shares for each ordinary share of 10 pence in Acacia – valued Acacia at US$787 million with a total consideration to the minority shareholders of Acacia for US$285 million.