Tanzania Mining News

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.

Barrick to give Tanzania stake in mines, $300 million to end dispute

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.

Tanzanian troubles drag down Barrick's production

World's number one producer still confident it will meet 2017 production guidance.

Petra Diamonds might breach debt covenants

The company says that labour disruptions in South Africa and the confiscation of a parcel of diamonds by the Tanzanian government are to blame.

Petra Diamonds' shares sparkle as its solves labour disputes in South Africa

Company reached wage agreement with the main union at two of its mines in South Africa. Workers will return to work on Friday.

Petra jumps on Tanzania letting it resume diamond exports

Stock closed 12.2% higher at 64.80p, after it had fallen on Tuesday to its lowest since late 2015.

Investors wary as Tanzania moves to assert more control over mines

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

Acacia’s Buzwagi mine in Tanzania to produce just gold bars until it shuts

Gold bars are not impacted by the export ban on gold and copper concentrate imposed by the Tanzanian government in March.

Tanzania orders wall built around tanzanite mines, purchases of stones

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.

South Africa labour disputes drag Petra Diamonds shares down

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.

Petra Diamonds may breach debt covenants on troubles in Tanzania

The Africa-focused diamond miner said that would likely happen unless it solves its issues with the government of Tanzania.

Petra Diamonds shares crater after Tanzania seizes $15 million shipment

The diamond miner also had to halt operations at its Williamson mine as several key employees are being questioned by local authorities.

Tanzania kicks off probe into Petra Diamonds contract, orders officials to resign

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.