The line is an important route for copper exports from Zambia and the Democratic Republic of Congo, Africa’s top copper producer.
Tanzania Mining News
The Tanzanian gold producer, majority owned by Barrick, has been locked in a months-long dispute with the local government.
Disappointed shareholders sink Barrick Gold shares 7.6% after $300m settlement with east African country over export ban is labelled a "downpayment".
World's number one gold producer swings to loss during third quarter.
Shareholders argue Barrick decision to hand Tanzania 50 percent of "economic benefits" from Acacia's mines may set baseline for future host nations' demands.
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.
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.
World's number one producer still confident it will meet 2017 production guidance.
The company says that labour disruptions in South Africa and the confiscation of a parcel of diamonds by the Tanzanian government are to blame.
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.
New laws and a crackdown on mining firms in Tanzania has slowed fresh investment in what has long been seen as one of Africa's brightest mining prospects
Gold bars are not impacted by the export ban on gold and copper concentrate imposed by the Tanzanian government in March.
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.
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 Africa-focused diamond miner said that would likely happen unless it solves its issues with the government of Tanzania.
The diamond miner also had to halt operations at its Williamson mine as several key employees are being questioned by local authorities.
President John Magufuli has asked for a review of a local contract belonging to Petra Diamonds and ordered senior officials to resign over the outcome of a probe into the diamond and tanzanite sector.
The world’s largest gold miner hopes to reach an agreement over claims against its subsidiary and the country’s current ban on mineral concentrate exports.
Labour disputes earlier in the year caused delays in the building of a new plant in its Cullinan mine in South Africa.
Shares collapsed on the news to close almost 21% lower in London. Barrick, which has a 64% stake in Acacia, also fell in both Toronto and New York.
Early reports claimed that Tanzania had asked foreign workers of the gold miner to leave the country, but a spokesperson for the company denied that story.
It means that the miner, which had revenue of $1bn last year, will pay about $31 million extra in royalties a year.
The miner said it continues to seek a “constructive dialogue” with the country's government to gain assurance that its operations will not be affected by newly enacted mining law.
Weak uranium market and new Tanzania’s regulations named the main culprits.