Acacia has three operating mines in Tanzania and is engaged in a protracted and ugly disagreement over taxation with the government.
Barrick Mining News
Experts believe the US firm could achieve $300 million in operating and cost savings from combining its mines in Nevada with those of the Canadian rival.
The combined miner plans to focus on Tier 1 assets, those producing at least 500,000 ounces of gold annually, with a mine life of more than 10 years and low costs.
BMO Capital Markets has flagged a total of 13 mines that could be sold following the $6-billion merger.
The company has set up a representative office in Machala, capital of Ecuador's El Oro province, historically a gold-producing region, and will use this as a base to participate in South American projects.
Nevada gold mines keep "rocking the boat."
Shareholders of Barrick and Randgold will vote on Nov. 5 on an all-stock transaction that will create a company with operations in Africa, Australia, North and South America, Saudi Arabia and Papua New Guinea.
The state miner warned it would "assert its rights" in Barrick Gold's acquisition of Rangold's stake in the Kibali mine, but did not provide details of its plans.
The new Barrick, which will be listed in New York and Toronto, will own five of the world's 10 lowest cost gold mines and will be the world's top bullion producer by both value and output.
Blockchain technology and the smart contracts it enables are the next innovations the mining industry needs to adopt in order to improve efficiencies and increase market transparency, a paper published by global law firm White & Case says.
Chief Innovation Officer role on the chopping block.
Kelvin Dushnisky, who leaves Acacia and its parent company Barrick, assumes as South Africa’s AngloGold Ashanti (JSE:ANG) new boss next week.
Barrick's plan going forward includes increasing its portfolio of so-called tier 1 assets over time, and gradually shedding anything that’s not tier 1 or deemed to be “strategic.”
Dushnisky will join AngloGold in September, ending the search to replace Srinivasan Venkatakrishnan, who left the world’s third-biggest gold miner in April to run India’s Vedanta.
Alicanto Minerals will retain 100% of Arakaka gold project.
Converting the power plant that feeds the Pueblo Viejo mine from heavy fuel oil to natural gas is expected to reduce the operation’s average cost of sales and all-in sustaining costs by about $54 per ounce.
The $38-million investment will give Barrick an almost 20%-stake in Midas Gold.
Bringing the project to production is expected to take about four years, but Donlin gold project is still has a long way to go in the permitting process before construction and operations can begin.
The company said its founder and chairman emeritus, Peter Munk, passed away Wednesday in Toronto, surrounded by his family.
The boss of the world's top gold miner has bought 306,000 additional shares in the company.
The gold miner’s employees will receive this year 90 shares each, taking the total held by staff to more than 1.5 million shares.
Company’s goal remains to reduce total debt to around $5 billion by the end of 2018.
Miner is advancing a pipeline of projects expected to contribute more than 1 million ounces of annual production starting in 2021.
About 50,000 ounces — roughly 125 gold bars — is all that stands in the way of Newmont overtaking Barrick as world's No.1 bullion miner.
Barrick Gold’s Chief Innovation Officer, Michelle Ash, will become the new Chair of GMSG in May 2018.