With six drill rigs currently active on site, and two more to follow soon, Acacia expects to increase the resource to 2 million ounces by the end of the year.
Tanzania Mining News
Company to launch probe into the causes of the illegal sit-in of nearly 48 hours.
The world's fifth largest gold miner increased production, had stronger cash flows and paid shareholders a dividend in the first quarter of its 2017 financial year.
Stock climbed 12.94%, closing the session at 529p.
After losing money for three years to 2015, Harmony is now focused on finding mines able to offset falling production at its South African operations.
African miner sticking to full year guidance of 780,000 ounces following plant shutdown amid majority owner Barrick's divestment talks.
Tanzanian police have killed 65 people and injured 270 during years of sporadic clashes with villagers at a controversial Canadian-owned gold mine, according to evidence heard by a Tanzanian government inquiry.
The potential acquisition fits in the South African gold producer’s plans to expand operations across Africa.
The diamond will be offered for sale in Johannesburg later this month.
The potential sale of its its 64% interest in Acacia would be part of Barrick's broader strategy of selling non-core assets to reduce debt.
It was found at Petra's Cullinan mine in South Africa, which has yielded several massive gems, including the largest rough gem diamond ever discovered.
The 121.26-carat white rock is a Type II diamond "of exceptional colour and clarity," according to Petra.
The 32.33-carats diamond was recovered in November from the firm’s Williamson mine in Tanzania.
They survived by eating roots, cockroaches and frogs, and drinking drips of muddy groundwater.
An arbitration tribunal is set to decide in October whether Acacia Mining has to pay a $115 million compensation claim to a former partner in Tanzania.
He was found guilty of issuing illegal tax exemptions to a gold audit firm, which cost the government millions of dollars in lost revenues.
The country bans child labour in mines, but critics say the government has not done enough to stop illegal operations from exploiting minors.
Mali, Papa New Guinea, Burkina Faso, Guinea, Tanzania, DRC and Mongolia among countries where gold mining contributed the most to their locals economies, says the World Gold Council.
Africa's No.4 gold producer is also rich in coal, uranium, diamonds, emeralds, rubies and sapphires.
The accident occurred on Thursday night at Kahama district, Shinyanga region, near Acacia Mining's licensed Bulyanhulu gold mine.
Mining is one of the leading sectors in Tanzania, with the value of mineral exports increasing each year.
The miner plans underground operations at North Mara and inked a deal that could see it acquire up to 70%of a project in Burkina Faso.
African Barrick’s North Mara mine, Tanzania’s largest gold producer, has been a flashpoint of clashes between locals and security forces for many years.
Tanzania's largest gold miner reported a 17% jump in third-quarter core profit, and said it anticipates full-year costs at the lower end of it target range of $1,100-$1,175 per ounce sold.
A group of 11 chief executives of firms operating in West Africa have called for more international support to combat the deadly virus.