The Tanzanian gold producer, majority owned by Barrick, has been locked in a months-long dispute with the local government.
Barrick Gold Mining News
Disappointed shareholders sink Barrick Gold shares 7.6% after $300m settlement with east African country over export ban is labelled a "downpayment".
World's number one gold producer swings to loss during third quarter.
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.
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.
World's number one producer still confident it will meet 2017 production guidance.
Lawsuit was filed last year after the miner halted payments due to a local group.
Mining ihas been one of the last sectors to use a surge in computer processing power, cloud data storage and complex algorithms to make sense of huge amounts of scattered information - routine in today’s retail and manufacturing businesses.
Company reached wage agreement with the main union at two of its mines in South Africa. Workers will return to work on Friday.
Stock closed 12.2% higher at 64.80p, after it had fallen on Tuesday to its lowest since late 2015.
Gold bars are not impacted by the export ban on gold and copper concentrate imposed by the Tanzanian government in March.
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.
The gift, which will bring the Munk's support of UHN and the PMCC to more than $175 million since 1993, will primarily be used to develop a data-driven digital cardiovascular health platform that reduces costs.
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.
The Africa-focused diamond miner said that would likely happen unless it solves its issues with the government of Tanzania.
The company was also included in the Dow Jones Sustainability North America Index for the 11th consecutive year.
The diamond miner also had to halt operations at its Williamson mine as several key employees are being questioned by local authorities.
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.
Mining Development sub-secretary expects exploration activities to rise by 2 per cent in 2017
“The decision was driven by unsustainable cash outflows at the mine due to the concentrate ban and the operating environment,” company officials said in a statement.
Court of appeals says charges of “pollution, negligence and malpractice" still in place for 8 of 9 people.
A federal court in Argentina has ruled that the country's Supreme Court should evaluate the government's request to suspend operations at Barrick Gold Corp's Veladero mine
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.
Zaldívar produced 102,000 tonnes of copper in 2016.
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.