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Barrick seeks Chinese partners for Tanzania mines – Globe

By: Bloomberg     17th September 2018 Barrick Gold may slash 400 jobs and involve Chinese partners in its troubled Tanzania operations, executive chairperson John Thornton told the Globe and Mail newspaper. The Toronto-based company has slashed middle management by half to about 700 and “we want to get it down to 300", Thornton,... 

OreCorp eyes full ownership of Nyanzaga

By: Esmarie Swanepoel     6th September 2018 The Tanzanian Fair Competition Commission has backed ASX-listed OreCorp’s plans to gain a majority interest in the Nyanzaga gold project. OreCorp in July this year exercised its option to gain a 51% interest in the gold project after gaining an initial 25% interest in the project by spending... 

Acacia appoints interim chair ahead of Dushnisky’s departure

By: Creamer Media Reporter      29th August 2018 Gold miner Acacia Mining has appointed independent nonexecutive director Rachel English as interim chairperson of the board, effective September 1. Outgoing chairperson Kelvin Dushnisky has tendered his resignation, effective August 31, following his resignation as president and CEO of Acacia’s... 

Acacia boss is getting frustrated waiting for Barrick solution

By: Bloomberg     20th July 2018 It’s been a year since Acacia Mining’s majority shareholder started talks on its behalf to end a standoff with the Tanzanian government and interim CEO Peter Geleta is getting frustrated. Barrick Gold, which owns about 64% of London-based Acacia, last month withdrew a timetable to resolve the... 

Acacia H1 net earnings fall 51% y/y

By: Marleny Arnoldi     20th July 2018 Tanzanian gold miner Acacia Mining’s net earnings for the first half of this year, ended June 30, decreased by 51% to $30.9-million, compared with the net earnings of $62.5-million recorded in the first half of 2017. Net earnings were impacted on by a $24.2-million impairment at Nyanzaga mine.  

OreCorp hoping for control of Tanzanian project

By: Esmarie Swanepoel     20th July 2018 Metals developer OreCorp’s Tanzanian subsidiary has completed its earn-in obligations into the Nyanzaga gold project, and has now exercised its option to gain full control of the project. OreCorp acquired a 25% stake in the project through spending around $14-million in completing a... 

Acacia reports lower Q2 output

By: Natasha Odendaal     6th July 2018 Acacia Mining remains on track to achieve the upper-end of its 2018 gold production guidance range of 435 000 oz to 475 000 oz, after delivering 254 759 oz of gold during the first half of the year. While second-quarter production dropped 36% year-on-year, owing to reduced operations at... 

Mining investors spooked as African dispute payments multiply

By: Bloomberg     28th June 2018 Miners across Africa are increasingly using one-time payments to settle disputes with governments, a trend that’s disturbing some investors. A $150-million payment by Glencore’s Katanga Mining to the Democratic Republic of Congo’s Gecamines earlier this month followed Freeport McMoRan’s separate... 

Barrick’s talks with Tanzanian govt progressing

By: Marleny Arnoldi     25th June 2018 Canadian gold miner Barrick Gold Corporation says progress has been made in discussions between the company and the Tanzanian government on the drafting of definitive agreements that are necessary for the implementation of proposed framework agreement with Barrick’s 63.59% owned and independently... 

Rising resource nationalism seen as 'fire burning' for miners

By: Bloomberg     17th May 2018 A rising tide of resource nationalism is causing miners to rethink where they invest and creating volatility for a sector already buffeted by brewing trade wars. “A significant industry issue is resource nationalism,” Rio Tinto Group CEO Jean-Sebastien Jacques told investors at a conference in... 

Barrick, Glencore expect to get licence for Tanzanian project

By: Bloomberg     14th May 2018 Executives at Barrick Gold and Glencore expect to receive a new license for their joint venture Kabanga nickel project in Tanzania, having held “productive” talks with the government during the past several months, Barrick said Sunday. Under changes to Tanzania’s mining license structure put into... 

Caledonia plans Zimbabwe expansion

By: Reuters     20th April 2018 Caledonia Mining plans to buy gold assets in Zimbabwe and increase its stake in the Blanket mine after the removal of the country's tough ownership rules. Keen to attract investment to revitalise the country's struggling mining industry and economy, Zimbabwe has revised its laws since the... 

Acacia reports lower Q1 adjusted net earnings, but maintains FY production target

By: Marleny Arnoldi     19th April 2018 Tanzanian gold miner Acacia Mining reported adjusted net earnings of $7-million for the quarter ended March 31, which is 73% lower than the $26.8-million adjusted net earnings reported for the first quarter of 2017.  

Acacia delivers solid Q1 production despite reduced operations

By: Simone Liedtke     10th April 2018 Tanzanian gold miner Acacia Mining achieved a resilient operating performance and delivered solid production of 120 981 oz of gold in the first quarter of the year, which sets it in good stead to deliver against its full-year guidance of between 435 000 oz and 475 000 oz, says Acacia interim CEO... 

Barrick Gold cuts 2017 compensation for top two executives

By: Reuters     24th March 2018 Barrick Gold, the world's largest producer of bullion, cut the 2017 compensation for its top two executives to reflect a challenging "shareholder experience" and operations at some mines. Shares in the Canadian miner declined 15% last year, even as the price of gold gained 11%. In 2017 Barrick... 

As commodities roar, Africa wants bigger slice of mining pie

By: Bloomberg     22nd March 2018 One by one, the biggest names in African mining are getting squeezed. The tactics might be blunt, but the message is clear: the countries where they operate want a bigger share of the proceeds. The collapse in commodities through 2015 hobbled some of Africa’s biggest resource economies, stunting... 

First Quantum steadies as CEO hopeful of escaping giant tax bill 

By: Bloomberg     21st March 2018 First Quantum Minerals recovered from what was shaping up to be its worst two-day drop in two years as its chief executive officer said he’s hoping to talk his way out of a $7.9-billion tax bill in Zambia - which includes $5.7-billion in interest. First Quantum received a letter from the Zambia... 

AngloGold seeks Tanzania talks to break impasse on mine laws

By: Bloomberg     27th February 2018 AngloGold Ashanti is seeking talks with the Tanzanian government to break a deadlock over changes to mining laws that the firm has said it will challenge through arbitration. “We have reached out to the government for negotiations,” Chief Executive Officer Srinivasan Venkatakrishnan said in an... 

NSW grants mining lease for Clean TeQ Sunrise project

By: Mariaan Webb     23rd February 2018 The New South Wales Planning and Environment department has formally issued the mining leases for the Clean TeQ Sunrise project area and proposed limestone quarry, marking a key milestone in the development of one of the largest cobalt and nickel deposits outside Africa. Clean TeQ, which is... 

Acacia scraps FY17 dividend, posts $707m net loss

By: Anine Kilian     12th February 2018 The share price of LSE-listed Acacia Mining fell by 18.6% on Monday as it reported a net loss of $707-million for 2017 and said it would not pay a dividend for the financial year. The company continues to be negatively affected by a general ban on the export of metallic mineral concentrates in... 

Gold giant Barrick faces grilling after fall to bottom of pack

By: Bloomberg     12th February 2018 Barrick Gold executives will have some explaining to do when the company releases full-year results Wednesday. Even with rising gold prices and a strengthened balance sheet, the world’s largest gold producer left shareholders with the worst returns among its top North American peers last year... 

Acacia buys into further gold price protection measures

By: Megan van Wyngaardt     1st February 2018 Embattled Tanzania-focused miner Acacia Mining has bought additional put options covering 120 000 oz of gold at a strike price of $1 320/oz at a cost of $2-million. The options would expire in equal instalments of 30 000 oz a month between March and June. 

Acacia completes sale of royalty over Burkina Faso mine

By: Megan van Wyngaardt     17th January 2018 Embattled gold miner Acacia Mining has completed the sale of an existing 2% net smelter royalty over the Houndé mine, in Burkina Faso, for $45-million. The LSE-listed company in December said it was selling the royalty to Canadian miner Sandstorm Gold after its three producing gold mines in... 

Acacia’s Q4 gold production slumps on export ban

By: Mia Breytenbach     15th January 2018 While LSE-listed Acacia Mining’s gold production for the fourth quarter in 2017 was slightly ahead of expectations at 148 477 oz, it was 30% lower quarter-on-quarter as a result of its flagship Bulyanhulu gold mine in Tanzania having downscaled operations. The miner’s decision to reduce... 

Centamin appoints two board members, COO, as chairperson signals retirement

By: Natasha Odendaal     11th January 2018 LSE- and TSX-listed Centamin has made several changes to its board and senior management as it transitions “into the next phase” of growth. This comes as executive chairperson Josef El-Raghy notified the company of his intention to retire by the end of this year. 

Acacia to sell Burkina Faso asset for $45m to Canada's Sandstorm Gold

By: Reuters     19th December 2017 Acacia Mining said on Tuesday it would sell its 2% royalty over the Houndé mine in Burkina Faso for $45-million to Sandstorm Gold. The deal is expected to close early in the first quarter of 2018. 

Gold miners shifting focus back to growth

By: Megan van Wyngaardt     22nd November 2017 While global gold miners will gradually shift their focus from financial austerity to growth through acquisitions and increased spending, miners operating in sub-Saharan Africa (SSA) will face elevated costs owing to regulatory uncertainty, power shortages and labour unrest, according to... 

Acacia CEO, CFO to step down

By: Creamer Media Reporter      2nd November 2017 Brad Gordon and Andrew Wray will step down as CEO and CFO of Acacia Mining at the end of this year. Gordon will return to Australia for family reasons, while Wray is pursuing an opportunity elsewhere. 

Tanzanian leader's war for taxes puts economy in firing line 

By: Bloomberg     18th September 2017 Tanzanian President John Magufuli’s deepening dispute with companies he accuses of being tax cheats is rattling investors and dimming the allure of one of Africa’s fastest-growing economies. Since taking office in late 2015, Magufuli has been on a drive to increase revenue from natural resources... 

Acacia enters into gold protection measures

By: Natasha Odendaal     6th September 2017 LSE-listed Acacia Mining has bought put options covering 210 000 oz of gold at a strike price of $1 300/oz as it continues implementing ongoing cash outflow mitigation measures. The group on Wednesday announced that the $3.2-million option provided a minimum price for the majority of the group’s... 

World's richest mines slipping from hands of multinationals

By: Bloomberg     5th September 2017 Outnumbered and outflanked, Freeport-McMoRan CEO Richard Adkerson made an about-face. Only months before, Adkerson had dismissed the idea of selling a majority stake in the Phoenix-based company’s flagship Indonesian copper-and-gold mine to local investors. But, seated beside government officials... 

Acacia to reduce operations at Bulyanhulu, cut jobs

By: Natasha Odendaal     4th September 2017 LSE-listed Acacia Mining is reducing operational activity at its Bulyanhulu mine, in Tanzania, as the pressures of unsustainable cash outflows at the mine owing to the ongoing concentrate ban force the group’s hand. Over the next three months, Acacia will focus on the process of moving the mine... 

Savary discovers three new zones, extends known gold zones at Karankasso JV project

By: Henry Lazenby     22nd August 2017 Canadian explorer Savary Gold has discovered three new gold zones at its flagship Karankasso joint venture (JV) gold project, in south-western Burkina Faso, while the latest drilling programme has also extended the known mineralised zones. The TSX-V-listed company, which owns a 69.5% stake in the... 

Acacia, Tanzania dispute intensifies over employee detention

By: Henry Lazenby     28th July 2017 Barrick Gold’s majority-owned African business segment Acacia Mining has reported that a senior international employee of its subsidiary Pangea Minerals has been detained by Tanzania authorities. The official was prevented from leaving Tanzania on Friday morning and had his passport confiscated... 

World's biggest tax bill is latest worry for African gold miner

By: Bloomberg     27th July 2017 It was supposed to mark a fresh start for the African business of the world’s biggest gold producer. In November 2014, African Barrick Gold would get a new name and new management to distance itself from a troublesome past and disputes with local politicians. Less than three years later, things... 

Tanzania concentrate export ban weighs on Acacia’s H1 performance

By: Natasha Odendaal     21st July 2017 Tanzania’s ongoing concentrate export ban, implemented in March, has significantly impacted on LSE-listed Acacia Mining’s results for the first six months of the year. Despite delivering its highest-ever first-half production levels during the period to June, Acacia now expects production to stay... 

AngloGold to study new Tanzanian mining laws

By: Megan van Wyngaardt     5th July 2017 AngloGold Ashanti on Wednesday said it would, in the context of its existing mine development agreement with the government of Tanzania, analyse new laws that may impact on its operations and take steps from there. The company operates the Geita mine, which produced 489 000 oz of gold in 2016, in... 

Notices of arbitration served in Tanzania – Acacia

By: Megan van Wyngaardt     4th July 2017 Notices of arbitration have been served in Tanzania on behalf of Bulyanhulu Gold Mine Limited (BGML) and Pangea Minerals Limited (PML), which hold Acacia Mining’s Bulyanhulu and Buzwagi mines. Acacia said in a statement on Tuesday that the notices referred the current disputes between Tanzania’s... 

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