R/€ = 14.41 Change: -0.07
R/$ = 11.68 Change: 0.00
Au 1330.89 $/oz Change: 8.93
Pt 998.50 $/oz Change: 10.69


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... 

Acacia Mining reviewing Tanzania’s proposed legislative changes

By: Natasha Odendaal     29th June 2017 Gold miner Acacia Mining is reviewing the proposed legislative changes to the legal framework governing the natural resources sector in Tanzania. This followed the recent publication of draft legislation, which is expected to be debated by the country’s Parliament in an extended Parliamentary... 

Consolidation key to Sarama’s success in Burkina Faso’s best gold belt

By: Henry Lazenby     27th June 2017 Asset consolidation in the southern Houndé gold belt, in Burkina Faso, is critical to Perth, Western Australia-based project developer Sarama Resources successfully establishing “a mine or two” in the region. The company, which is incorporated in Canada’s province of British Columbia and has its... 

Acacia Mining confirms start of negotiations with Tanzania govt

By: Megan van Wyngaardt     15th June 2017 Tanzania-based gold miner Acacia Mining’s CEO Brad Gordon on Thursday said the company would leave any disputes around back taxes for resolution during negotiations with the country’s President John Magufuli. During a teleconference, he added that the company was not prepared to comment on... 

Tanzania says Barrick agrees to pay money owed to government

By: Bloomberg     14th June 2017 Tanzania’s presidency said Barrick Gold Corp is willing to reimburse money that’s owed to the government, after President John Magufuli accused subsidiary Acacia Mining of failing to pay billions of dollars of taxes. Acacia surged as much as 11%. Barrick executive chairperson John Thornton met... 

Acacia Mining calls for independent investigation into its Tanzanian gold concentrate exports 

By: Megan van Wyngaardt     13th June 2017 LSE-listed Acacia Mining on Tuesday called for an independent investigation into its resources and finances, following a report by a second Tanzanian Presidential committee, which claimed that the company had underdeclared its revenues and tax payments, “stretching into the tens of billions of... 

Acacia’s mines operating while govt investigations into mineral exports continue

By: Anine Kilian     2nd June 2017 LSE-listed Acacia Mining’s Tanzanian operations are continuing to operate normally, while a second Presidential Committee nears completion of its investigation into economic and legal issues associated with historic exports of gold and copper concentrates. Tanzania’s Ministry of Energy and... 

Up to 6% of Barrick’s 2017 output impacted by Tanzania ore export ban

By: Henry Lazenby     26th May 2017 The world’s largest gold producer by volume, Canada’s Barrick Gold, on Thursday revealed that up to 6% of its attributable output could be affected by the ongoing ban on mineral concentrate exports affecting the operations of its 63.9% subsidiary Acacia Mining, in Tanzania. Acacia’s Bulyanhulu... 

Tanzania export ban weighs on Acacia’s Q1 cash flow

By: Megan van Wyngaardt     20th April 2017 The Tanzania Ministry of Energy and Minerals’ decision to introduce a general ban on the export of metallic mineral concentrates has had a $33-million negative impact on Acacia Mining’s cash flow for the first quarter, ended March 31. The Ministry announced the ban on March 3, following a... 

Acacia rebuffs reports that it violated Tanzanian concentrate export ban

By: Henry Lazenby     28th March 2017 London-listed gold producer Acacia Mining has denied allegations that it is trying to export gold and copper concentrates from Tanzania, despite the ban instituted by that country's government. Neither the company nor its customers have attempted to export gold and copper concentrates, the... 

Endeavour, Acacia end merger talks

By: Henry Lazenby     22nd March 2017 Canadian gold miner Endeavour Mining has halted discussions with London-listed Acacia Mining regarding a potential merger. Endeavour, which operates a portfolio of gold mines in West Africa, has held talks with Acacia – which is majority owned by Canada's Barrick Gold – since mid-January. 

Tanzanian ore export ban unlikely to be implemented – BMI

By: Megan van Wyngaardt     16th March 2017 Recent policies aimed at bolstering fiscal revenues, and a crackdown on tax evasion by the Tanzanian government, will increase investor uncertainty across various sectors and have a direct negative impact on the country's future growth, BMI Research's Africa Country Risk team said on Thursday.... 

Secret of the Kibali mine – flying people in and gold bars out

By: Bloomberg     6th March 2017 Randgold Resources had to haul heavy equipment more than 1 000 miles to build the roads and hydropower plants needed to construct its Kibali gold mine, the biggest in Democratic Republic of Congo. The sprawling facility in a remote corner of a country the size of Western Europe is a high-tech... 

Maiden high-grade resource declared at Acacia’s West Kenya project

By: Natasha Odendaal     27th February 2017 With a maiden National Instrument (NI) 43-101-compliant inferred mineral resource estimate of 1.31-million ounces of gold at 12.1 g/t published for the West Kenya project, London-listed Acacia Mining plans to spend $12-million on exploration on a 45 000 m drilling programme for the Liranda... 

Barrick's sale of Super Pit stake to China buyer said to stall

By: Bloomberg     8th February 2017 Barrick Gold’s plan to sell its stake in the Kalgoorlie Super Pit mine to a Chinese bidder has stalled, as the buyer faces delays securing financing for the $1.3-billion deal, people with knowledge of the matter said. Minjar Gold, a unit of property developer Shandong Tyan Home, is also still... 

Barrick announces early tender offer results

By: Henry Lazenby     18th November 2016 The world’s largest gold producer Barrick Gold has announced the results of the early tender offer to buy a certain amount of its 4.4% notes with maturity in 2021, 4.1% notes with maturity in 2023 and 3.85% notes with maturity in 2022. The Toronto-based company also announced an increase in the... 

Acacia to maintain FY guidance despite Bulyanhulu plant challenges

By: Anine Kilian     16th September 2016 Acacia Mining’s share price on the LSE fell by 7.36% in early morning trade on Friday, after the company revealed it was having technical difficulties with the Bulyanhulu process plant following a maintenance shutdown. During the third quarter, Acacia had undertaken a planned two-week shutdown of... 

Acacia COO resigns

By: Megan van Wyngaardt     6th November 2015 Aim-listed Acacia Mining’s COO Michelle Ash has resigned with immediate effect. CEO Brad Gordon would resume direct responsibility for the operations. 


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