Revenue in the first quarter slumped almost 50% due mainly to reduced operations at its flagship Bulyanhulu gold mine.
Tanzania Mining News
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.
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.
The line is an important route for copper exports from Zambia and the Democratic Republic of Congo, Africa’s top copper producer.
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.