African Barrick Gold Mining News

Acacia’s Buzwagi mine in Tanzania to produce just gold bars until it shuts

Gold bars are not impacted by the export ban on gold and copper concentrate imposed by the Tanzanian government in March.

Tanzania orders wall built around tanzanite mines, purchases of stones

President John Magufuli also directed the central bank to buy the precious stone to boost reserves — the latest twist in a spat with mining firms over alleged tax evasion.

South Africa labour disputes drag Petra Diamonds shares down

Shares in the diamond miner fell for a second consecutive day after it warned that two of its South african mines had been affected by strikes.

Petra Diamonds may breach debt covenants on troubles in Tanzania

The Africa-focused diamond miner said that would likely happen unless it solves its issues with the government of Tanzania.

Petra Diamonds shares crater after Tanzania seizes $15 million shipment

The diamond miner also had to halt operations at its Williamson mine as several key employees are being questioned by local authorities.

Tanzania kicks off probe into Petra Diamonds contract, orders officials to resign

President John Magufuli has asked for a review of a local contract belonging to Petra Diamonds and ordered senior officials to resign over the outcome of a probe into the diamond and tanzanite sector.

Barrick Gold, Tanzania begin talks to resolve Acacia Mining dispute

The world’s largest gold miner hopes to reach an agreement over claims against its subsidiary and the country’s current ban on mineral concentrate exports.

Acacia Mining now hit with $190 billion tax bill in Tanzania

Shares collapsed on the news to close almost 21% lower in London. Barrick, which has a 64% stake in Acacia, also fell in both Toronto and New York.

Tanzania officials question Acacia Mining staff in legal spat with Gov’t

Early reports claimed that Tanzania had asked foreign workers of the gold miner to leave the country, but a spokesperson for the company denied that story.

Acacia agrees to pay higher taxes set in Tanzania new mining law

It means that the miner, which had revenue of $1bn last year, will pay about $31 million extra in royalties a year.

AngloGold taking Tanzania to UN court over country’s new mining law

The miner said it continues to seek a “constructive dialogue” with the country's government to gain assurance that its operations will not be affected by newly enacted mining law.

Tanzania suspends granting of new mining licences

President John Magufuli has also ordered the mining ministry to freeze the renewal of expired permits.

Tanzania-focused miners face fresh challenges as country passes new laws

The two new laws allow the government to force mining and energy companies to renegotiate their contracts.

Tanzania says Barrick to pay money owed by Acacia to Gov’t

Barrick confirmed chairman John Thornton met President John Magufuli for talks Wednesday, but didn't mention the details of what, if anything, had been agreed.

Tanzania accuses Acacia of illegal mining in fresh blow to Barrick’s subsidiary

Government accused the gold miner of operating illegally in the country and said it has been evading taxes.

World’s largest gold miner hit by Tanzania export ban

Barrick's comments come on the heels of a report published this week, which claims its Tanzanian subsidiary has been under-reporting the amount of metal in its shipments to evade taxes.

Tanzania outs mining minister over alleged collusion with companies to evade taxes

Shares in gold producer Acacia Mining, one of the firms accused of eluding taxes, fell by more than 18% to 18% to 355.70 pence on the news.

Harmony Gold swings back to profit, will consider Barrick's Acacia stake

The potential acquisition fits in the South African gold producer’s plans to expand operations across Africa.

Barrick in talks with South African miners to sell stake in Acacia — report

The potential sale of its its 64% interest in Acacia would be part of Barrick's broader strategy of selling non-core assets to reduce debt.

Imminent verdict in case that blames Acacia of partner’s mine permit loss

An arbitration tribunal is set to decide in October whether Acacia Mining has to pay a $115 million compensation claim to a former partner in Tanzania.

African Barrick is history, changes name to Acacia Mining

The miner plans underground operations at North Mara and inked a deal that could see it acquire up to 70%of a project in Burkina Faso.

Lawyers seek Barrick’s support in case against African subsidiary

African Barrick’s North Mara mine, Tanzania’s largest gold producer, has been a flashpoint of clashes between locals and security forces for many years.

African Barrick cuts costs, to acquire more gold assets in 2015

Tanzania's largest gold miner reported a 17% jump in third-quarter core profit, and said it anticipates full-year costs at the lower end of it target range of $1,100-$1,175 per ounce sold.

African Barrick seeks new name after partially splitting from Canadian parent

Last week Barrick Gold sold 41 million African Barrick shares to institutional investors.

African Barrick reports $781 million annual loss, despite output increase

It also slashed its gold reserves by almost a quarter.