The company is also seeking direct talks with the country's government, as it's been excluded so far from negotiations between controlling shareholder, Barrick Gold, and President John Magufuli.
Tanzania Mining News
The news comes barely a week after the company said another worker had been released on bail after being charged with corruption.
Johan Dippenaar has held the top position since 2005, when Petra merged with Crown Diamonds.
The Canadian miner may slash 400 jobs and involve Chinese partners in its troubled Tanzania operations.
Acacia — Tanzania's No.1 gold miner— will retain a net smelter return production royalty over the project, capped at $15 million.
Kelvin Dushnisky, who leaves Acacia and its parent company Barrick, assumes as South Africa’s AngloGold Ashanti (JSE:ANG) new boss next week.
It’s been a year since Acacia Mining Plc’s majority shareholder started talks on its behalf to end a standoff with the Tanzanian government.
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.
The Kimberley Ekapa joint venture focuses on mining in the South African town of Kimberley.
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.
Shareholders approved the discounted rights issue at a special meeting in London held Wednesday.
Petra has been hit by production delays, strikes, a confiscated consignment of diamonds and a strong South African rand.
MINING.com discusses the state of private equity investment in mining with Michael Scherb founder of Appian Capital.
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 will conduct further exploration near its main mine in Tanzania after cutting costs in the past year to cope with tougher mining laws.
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.
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.
The changes are part of a worrying trend of sweeping legislative and policy changes, implemented without consultation with stakeholders.
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.
Revenue in the first quarter slumped almost 50% due mainly to reduced operations at its flagship Bulyanhulu gold mine.
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 is seeking to take more of the profits from its vast mineral resources by overhauling the fiscal and regulatory regime of its mining sector.
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.
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.
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.