Gold bars are not impacted by the export ban on gold and copper concentrate imposed by the Tanzanian government in March.
Barrick Gold Mining News
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.
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.
It means that the miner, which had revenue of $1bn last year, will pay about $31 million extra in royalties a year.
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.
Zaldívar produced more than 100,000 tonnes of copper last year.
President John Magufuli has also ordered the mining ministry to freeze the renewal of expired permits.
The two new laws allow the government to force mining and energy companies to renegotiate their contracts.
While the measure allows the company to resume full operations, Barrick said it plans to gradually restart them.
Agreement is part of plan to double investment in the sector to $25bn in eight years.
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.
Government accused the gold miner of operating illegally in the country and said it has been evading taxes.