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.
South Africa Mining News
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.
Ivanhoe Mines and Zijin each hold now an indirect 39.6% interest in the Kamoa-Kakula project, thought to be Africa's most significant deposit of the red metal ever found.
The deal, worth about $400 million, will make Trevali the first pure zinc producer with operations in North and South America as well as Africa.
Companies are pressing the government to better regulate public consultations and votes on mining projects, as they see legal uncertainty as the industry's main current challenge.
A higher South African rand versus the U.S. dollar was to blame for lowering Sibanye Gold's (NYSE:SBGL) net operating profit in the first quarter.
Industrial and precious metals, coal, oil, as well as natural gas, collectively accounted for just 6.2% of foreign direct investment into the continent last year.
The company had warned it would evaluate options for the mine, including walking away form it, if it didn’t receive the necessary permits.
The Russian miner wants to recover $271 million it lost when a state-backed company failed to complete the acquisition of a 50% stake in its Nkomati mine in South Africa.
New World Bank outlook for commodities predict 32% price jump for zinc and 18% for copper and lead, but outlook for nickel price in 2017 is murky.
Shareholders voted overwhelmingly in favour of the cash takeover, which will make the South African firm the world's No.3 palladium producer and No.4 platinum group metals miner.
Both iron ore and diamond output rose in the first quarter thanks to a continued ramping-up of the company's Minas Rio mine in Brazil and improvements in the gem market.
Kal Tire’s Mining Tire Group, a world leader in mining tire services and a global independent tire dealer, expands its presence in South Africa through the acquisition of the South Africa operations of Tyre Corporation.
AR Controls, a leading importer and manufacturer of a comprehensive range of internationally-recognised valves and instrumentation, has the largest product inventory of any similar company in Africa
Worries about Chinese economy and rising tension surrounding North Korea brings fear trade to mining and industrial metals.
The lawsuit is against the government's order to Gran Colombia Gold to halt its Marmato project until it has further consulted with local residents.
Together these giant orebodies contain reserves worth $796 billion at today's gold price.
Combined worth of $842 billion with 20% gains so far in 2017.
Manganese is a critical and irreplaceable element used in steel production and used widely as a battery component.
Along with other changes, Zarina Bassa has informed Kumba of her intention to step down as an independent non- executive director at the Company’s forthcoming AGM on 11 May 2017, after serving eight years.
Deal would make of Volcan Investments Ltd., Agarwal's family trust, the second-largest investor in Anglo American.
The $400 million-deal will make of Trevali the first pure zinc company with operations in North and South America as well as Africa.
The 10 largest gold mining companies produce 30% of the world's gold and enjoy some of the sector's fattest margins.
Strong ETF inflows, rising autocatalyst demand despite Volkswagen emission scandal combined with falling mine supply to boost platinum price says new study.
US Foreign Investment Committee scrutinizing South African gold miner's $2.2 billion offer for the only US platinum, palladium producer.