Tanzania Mining News

Barrick’s Acacia Mining keeps suffering from Tanzania row

Gold production for the three months to June dropped 36% to 133,778 ounces as operations at two its three mines - Bulyanhulu and Buzwagi – were scaled back.

Petra Diamonds sells stake in Kimberley Ekapa JV for $22 million

The Kimberley Ekapa joint venture focuses on mining in the South African town of Kimberley.

No resolution yet for Acacia Mining tax row with Tanzania’s Gov’t

Barrick, which has been negotiating on Acacia’s behalf for over a year, had said it would deliver a deal for Acacia’s board to vote on by the end of June, but now says talks are ongoing and it has backed away from setting a new deadline.

Petra Diamonds secures $170 million to help lower debt

Shareholders approved the discounted rights issue at a special meeting in London held Wednesday.

Petra Diamonds says it urgently needs to raise $178m to cut debt

Petra has been hit by production delays, strikes, a confiscated consignment of diamonds and a strong South African rand.

It’s not about scoring the big win, it’s about not backing losers

MINING.com discusses the state of private equity investment in mining with Michael Scherb founder of Appian Capital.

Tanzanite miner gets bill as Tanzania cracks down on lost mineral revenues

Tanzanian gemstone miner Tanzanite One has agreed to pay compensation and overdue taxes to the government after violations led to losses in public revenues.

Shanta Gold to expand search in Tanzania, as new laws deter others

Shanta Gold will conduct further exploration near its main mine in Tanzania after cutting costs in the past year to cope with tougher mining laws.

Glencore, Barrick expect prospecting licence for Tanzania nickel project

Tanzania is seeking a bigger slice of the pie from its vast mineral resources by overhauling the fiscal and regulatory regime of its mining sector.

AngloGold upbeat on Africa even as mine uncertainty persists

The company is mired in disputes with the governments of Tanzania and the Democratic Republic of Congo over law changes that raise taxes in the countries.

Making a bad situation worse: Tanzania introduces further regulatory changes to the mining sector

The changes are part of a worrying trend of sweeping legislative and policy changes, implemented without consultation with stakeholders.

Petra Diamonds rallies on revenue growth, record output

Revenue for the quarter ended March 31 climbed 44% to $172 million, while production jumped 20% to a record quarterly volume of 1,194,947 carats.

Embattled Acacia Mining keeps losing money due to Tanzania tax row

Revenue in the first quarter slumped almost 50% due mainly to reduced operations at its flagship Bulyanhulu gold mine.

Investment in Africa’s mining sector to rise: BMI

BMI presents the recent changes to the DRC’s mining code as an example of a situation that challenges all the parties involved, but that is very unlikely to cloud miners’ interest in venturing in the country.

Tanzania's new mining rules impose restrictions on foreign banks, insurers

Tanzania is seeking to take more of the profits from its vast mineral resources by overhauling the fiscal and regulatory regime of its mining sector.

Acacia Mining admits in talks with Chinese over potential sale of Tanzania assets

Tanzania's top gold producer said in conversations with potential investors over a stake in some or all of its operations in the East African nation.

Embattled Acacia Mining ends painful year with $700-million loss

The miner has also scrapped its 2017 dividend after full-year core earnings fell by more than a third because of a ban on unprocessed mineral exports in Tanzania.

Acacia adopts fresh gold price protection measures

Miner has spent $2 million to lock in the option to sell 120,000 ounces of future output at $1,320 an ounce, as it waits for Tanzania exports ban to end.

Petra Diamonds shares crash on profit and output forecast cuts

The stock fell by 21%, the steepest intraday decline since September, after the miner lowered production forecasts and confirmed that a stronger South African currency would knock annual profits.

Tanzania-Zambia railway halts copper transportation after strike

The line is an important route for copper exports from Zambia and the Democratic Republic of Congo, Africa’s top copper producer.

Acacia Mining top execs. quit amid ongoing dispute with Tanzania

The Tanzanian gold producer, majority owned by Barrick, has been locked in a months-long dispute with the local government.

Barrick shares crater as Tanzania troubles grow

Disappointed shareholders sink Barrick Gold shares 7.6% after $300m settlement with east African country over export ban is labelled a "downpayment".

Barrick cuts 2017 production guidance again

World's number one gold producer swings to loss during third quarter.

Barrick Gold's Tanzania deal may set expensive precedent

Shareholders argue Barrick decision to hand Tanzania 50 percent of "economic benefits" from Acacia's mines may set baseline for future host nations' demands.

Acacia Mining takes further revenue hit, reviews Barrick-Tanzania deal

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.