African Barrick Gold Mining News

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.

Gold miners not over the hump yet—report

Whether there is more pain in store for the main gold players will be known next week, when third-quarter results start rolling out.

African Barrick new CEO wants to split from Canadian parent

"Hopefully" to materialize over the next 12 to 18 months.

African Barrick COO quits, sends stock nose-diving

Only three weeks after the miner announced it was replacing its CEO Greg Hawkins.

African Barrick CEO quits amid sharp gold fall

Industry veteran Brad Gordon, replaces Greg Hawkins effective immediately.

African Barrick Gold shares hit by $727m charge and lawsuit

The mid-cap gold miner's impairment followed an operating review that also drove the company to announce $95 million of operating cost cuts.

Tanzanians sue African Barrick Gold for alleged deaths

Claimants allege African Barrick failed to curb the use of excessive force at its North Mara mine on a regular basis over the last three years.

African Barrick Gold falls after posting poor results

Tanzania's largest gold miner posted a fourth quarter loss driven by heavy write-downs and a warning of a further fall in output.

African Barrick's 2012 output drops 9%

The Tanzania-focused gold minhas suffered from three consecutive years of declining gold production