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.
South Africa Mining News
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.
It will sell its newest mine to Harmony Gold for $300 million and another mine for 100 million rand ($7.4 million) to China's Heaven-Sent SA Sunshine Investment Company.
SOLA Future Energy has succeeded in designing and constructing a solar energy microgrid for Robben Island.
Precious metals miner said its platinum group metals (PGM) operations had delivered "solid operational results" in the first-half of 2017, prompting an upward revision to its 2017 production forecast and a downward revision to guided costs.
Company will pay $30 million for a 15 percent interest in a platinum project in the northern Waterberg region and had an option to acquire a majority stake in the development.
World's number one producer still confident it will meet 2017 production guidance.
In a High Court decision handed down on 3 October 2017, Justice Meyer found in favour of the taxpayer, United Manganese of Kalahari Proprietary Limited.
The company says that labour disruptions in South Africa and the confiscation of a parcel of diamonds by the Tanzanian government are to blame.
The country's chamber of mines and the ministry are locked in a number of legal disputes over the mining charter, which aims to increase black ownership and participation in the industry as part of a government drive to overcome apartheid's legacies.
Mine is expected to generate about 300,000 ounces annually by late 2021/early 2022, increasing total PGM production from Sibanye’s operations in the US by more than 50%.
Toronto-based Atlatsa Resources (TSXV:ATL) has made good on its stated intention to shut its Bokoni platinum mine in Limpopo province, South Africa.
A strong price recovery for the main commodities South Africa mines and exports has helped the country’s sector stage a turnaround in 2017, the first time in five years the industry is back in the black.
SA mining industry sees a turnaround in financial performance amid a challenging operating environment: PwC SA Mine report
2017 another challenging year for SA mining industry due to decrease in dividends and market capitalisation, retrenchments across industry, and more.
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.
“If we don’t do anything we will continually be disappointed and the industry will slowly dig itself into a hole of irrelevance and oblivion.”
Gold bars are not impacted by the export ban on gold and copper concentrate imposed by the Tanzanian government in March.
KPMG cleared out its South African leadership last Friday after it found that work it did for firms owned by the Gupta family, businessmen friends of President Jacob Zuma, "fell considerably short" of its standards.
The National Union of Mineworkers said on Thursday its members would go on an indefinite strike at the mine over wages, benefits.
He intends to buy as much as 1.5 billion pounds (about$2 billion) worth of additional Anglo American shares.
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.
Zama zamas earn a pittance for work that puts their lives at risk on a daily basis
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 miner warned further reductions could be in store at those operations, which employ 31,000 people.