Acacia chose to divest of South Houndé as part of an ongoing review of its exploration portfolio, to focus on core projects.
Tanzania Mining News
The alliance strategy saw little success in the Congo.
Richard Williams who served as Barrick’s chief of staff and later chief operating officer was assigned in February to work full-time on securing a deal between the Tanzanian government and Acacia Mining Plc.
Acacia has three operating mines in Tanzania and is engaged in a protracted and ugly disagreement over taxation with the government.
Bristow, who will be CEO of the merged firm, did not give specifics about what that mediation would involve, but said he would be acting in his capacity as Randgold's chief executive not as the head of Barrick.
No final decision has been made, and it’s also not clear whether all three of Acacia’s Tanzanian gold mines will be brought back into Barrick.
Revenue rose 22 percent in the quarter to $80.2 million from $65.8 million a year prior, despite diamond prices being 5 percent lower when compared to the same period of 2017.
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.
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.