Acacia — Tanzania's No.1 gold miner— will retain a net smelter return production royalty over the project, capped at $15 million.
Mauritania Mining News
Kinross Gold Corp said on Wednesday it was "pausing" expansion work at its Tasiast gold mine in Mauritania after a government request for talks to improve the country's economic benefits from the miner's activities.
The Canadian miner is the latest company to be hit by changing policies in Africa as governments seem increasingly willing to upend historic deals with foreign companies in their quest for more mining revenue.
Projects aim at boosting output and lowering costs.
The company had halted production in June following a government inspection that led to a row over work permits, but work resumed in August.
Suspension of Maricunga comes earlier than planned after a court upheld the country’s regulator decision to shut down the water system linked to the mine over environmental concerns.
Kinross, which operates two mines in Russia and also owns the problem-plagued Tasiast operation in Mauritania, seeks to strengthen its portfolio in North America.
Decision follows the West African country order to expatriates whose work permits were invalid to stop working.
No impact on output guidance or expansion plans at West African mine as Toronto-based miner gears up for record annual production in 2016.
Early signs of activity include Kinross Gold's March decision to expand its Mauritanian gold mine and Goldcorp acquisition of junior Kaminak for $520 million in May.
Mauritanian workers complain that there is a major gap between their salaries and Canadian expats working for Kinross.
Project is expected to dramatically increase production and slash costs at the troubled mine.
World's 5th largest gold miner up nearly 8% after saying it's co-operating with SEC and DoJ investigating whistleblower case at giant West Africa mine.
Strike action closes Guelb Moghrein copper-gold mine which accounts for 10% of Vancouver company's copper output and a quarter of its gold production.
Toronto gold miner won't make final decision on expansion project before 2015.
With the exception of Ghana and Cape Verde, which were ranked as “medium risk” in the index published Wednesday, all others were classified as “high risk."
Mining companies with interests in Mauritania will face some challenges, but no major disturbances in the event of a coup d'état in the northwest African country, whose President was shot and flown to France for medical treatment on Sunday, say analysts.
But South Africa's output continues to fall says the Economics Group’s.
Seven people were killed Thursday when a military plane chartered by Canada's Kinross Gold Corp. crashed during takeoff in the Mauritanian capital Nouakchott, an army source told AFP.
Canada’s number 3 gold miner by output said about 600 workers had returned after the four-day strike at its Tasiast mine in Mauritania.
Canadian Kinross Gold Corp. (TSX:K, NYSE:KGC) said on Wednesday that workers at its Tasiast gold mine in Mauritania, West Africa, have initiated an unlawful work stoppage, halting mining and processing activity.
The Tasiast gold mine in the Mauritanian desert was the biggest acquisition in Kinross Gold Corp.’s 19-year existence and one of the biggest takeovers in the history of the gold industry.
Kinross, the beleaguered gold producer whose stock price has been hammered of late due to a $4.6 billion writedown and alleged violations of securities laws, will continue pouring gold at its Tasiast mine in Africa until the year 2046, according to a technical report released on Friday.
Aura Energy Limited’s (ASX Code AEE, “Aura”) confidence in the greenfields Reguibat Project in Mauritania has been confirmed by the announcement of the first JORC-code compliant resource. The Inferred Resource of 50.2 million pounds at 330ppm U3O8 on the Reguibat Project was based on a cut-off grade of 100ppm U3O8 (Table 1). 48.9 million pounds of this resource are contained in permits 100% held by Aura.
Kinross Gold Corporation (TSX:K)(NYSE:KGC) said today that a brief work stoppage at its Tasiast gold mine in Mauritania on May 19th had ended. Normal operations at the site have resumed and all unionized workers are back to work following the resolution of certain issues related to working conditions and pay. Constructive dialogue with the union is continuing with the aim of improving working conditions to Kinross standards, and to negotiating a collective agreement with unionized employees. Production at Tasiast was not affected by the work stoppage, which lasted less than a day. In the first quarter of 2011 Tasiast produced 51,321 gold equivalent ounces.