jueves, 3 de agosto de 2017

Barrick Gold, Tanzania begin talks to resolve Acacia Mining dispute

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Africa News Digest
Friday 4 August 2017
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The world's largest gold miner hopes to reach an agreement over claims against its subsidiary and the country's current ban on mineral concentrate exports.

The buyer, Perth-based Red 5, is also acquiring Saracen Mineral Holdings' King of the Hills mine.

The company will return a total of $3 billion to shareholders: $2 billion on the dividend side and $1 billion of share buybacks.

Partnership Africa Canada says the gold was one of the first legal gold purchases from the DRC.

Appeal hearing planned for March 2018.

These courses can help you identify and evaluate the risks involved in mining investments before it's too late.

Shareholders hadn't received dividends since 2015, when iron ore fell below $40 a tonne amid a global crash in commodity prices.

Labour disputes earlier in the year caused delays in the building of a new plant in its Cullinan mine in South Africa.

"Suspected corruption in the conduct of business in the Republic of Guinea by the Rio Tinto group, its employees and others associated with it."

Shares collapsed on the news to close almost 21% lower in London. Barrick, which has a 64% stake in Acacia, also fell in both Toronto and New York.

The Bokoni mine, a joint venture between Atlatsa and Anglo Platinum, produces around 150,000 ounces of platinum group metals per year.

Gakara mine, which operated for 30 years until 1978, is expected to restart commercial production in the fourth quarter of the year.

Early reports claimed that Tanzania had asked foreign workers of the gold miner to leave the country, but a spokesperson for the company denied that story.

Lucara Diamond's Lesedi La Rona is said to face challenges other rock never do, including its multi-million-dollar price tag and a risky polishing process that can take months or years.

Vutomi licences were extended into additional area of mineralization adjacent to the firm's Frischgewaagt project in South Africa.

The company identified a group 2 kimberlite pipe in an area known by its high-grade diamonds.

The suspension follows a pending a judgement in an urgent interdict application by the country's Chamber of Mines.

It means that the miner, which had revenue of $1bn last year, will pay about $31 million extra in royalties a year.

The miner said it continues to seek a "constructive dialogue" with the country's government to gain assurance that its operations will not be affected by newly enacted mining law.

Weak uranium market and new Tanzania's regulations named the main culprits.

While the kidnapped drivers have been released it's still uncertain where they are and what happened to their trucks.

South Africa intends to suspend the granting of applications for prospecting and mining rights as well as any renewals pending a court case to review new mining laws, the Mineral Resources Minister Mosebenzi Zwane said on Thursday.

Big winners will be aluminum, copper, lead, lithium, manganese, nickel, silver, steel, and zinc and rare earth minerals such as indium, molybdenum, and neodymium.

Democratic Republic of Congo has decided to more than double the size of its planned Inga 3 hydroelectric plant to make it more economical, after the $14 billion project was hit by financing problems.

The Rakounga Gold concession is a 250 sq km property contiguous to the company's 2nd gold project — Bouboulou.

Zambia's Konkola Copper Mines (KCM) said on Tuesday it was halting operations indefinitely at its Nchanga underground mine (NUG) in Chingola state due to theft of high voltage cables.

While the mood at the recent Junior Indaba mining event was sombre when it came to South Africa's policy environment, there were some interesting opportunities being mooted for minerals like lithium.

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