African Barrick Gold Mining News

Acacia Mining top execs. quit amid ongoing dispute with Tanzania

The Tanzanian gold producer, majority owned by Barrick, has been locked in a months-long dispute with the local government.

Acacia Mining takes further revenue hit, reviews Barrick-Tanzania deal

Chief Financial Officer Andrew Wray said the company doesn't even have the ability to make the upfront $300 million payment Barrick has promised to the government of Tanzania as part of a deal reached Thursday.

Barrick to give Tanzania stake in mines, $300 million to end dispute

The deal does not mean Tanzania will immediately lift the demand for Barrick's subsidiary Acacia Mining to pay $190 billion in allegedly unpaid taxes.

Tanzanian troubles drag down Barrick's production

World's number one producer still confident it will meet 2017 production guidance.

Petra Diamonds' shares sparkle as its solves labour disputes in South Africa

Company reached wage agreement with the main union at two of its mines in South Africa. Workers will return to work on Friday.

Petra jumps on Tanzania letting it resume diamond exports

Stock closed 12.2% higher at 64.80p, after it had fallen on Tuesday to its lowest since late 2015.

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.