Barrick must either firm up its proposal to acquire the 36.1% of Acacia it does not own by June 18, or walk away for at least six months under British takeover law.

The head of the Democratic Republic of Congo’s state mining company will no longer exercise control over the business, despite being reappointed to the post last month.

The world's top platinum miners are bracing for a fresh round of negotiations with South African workers as a rise in profits is likely to provoke higher wage demands from labour unions.

Odey sees a takeover of Acacia as the only logical way forward for Barrick.

Among its aims are "the exploration, exploitation and commercialisation of minerals", forest logging, security, transport, construction and "all financial, investment and project financing operations.

“Companies are performing well and we are confident they can accommodate our demands”

The twin tailwinds of rallying iron-ore prices and gold’s haven appeal have driven South African mining stocks to an almost 11-year high.

Zambia will fine and break ties with mining firms that fail to operate according to the southern African country's laws, President Edgar Lungu said on Thursday.