jueves, 2 de noviembre de 2017

Acacia Mining top execs. quit amid ongoing dispute with Tanzania

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Africa News Digest
Friday 3 November 2017
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The Tanzanian gold producer, majority owned by Barrick, has been locked in a months-long dispute with the local government.

Africa largest untapped source of growth for industry and would provide huge opportunity, says Rio Tinto's chief executive of energy and minerals.

Company said it would keep its Beatrix West gold mine running for as long as it makes a profit, on average, over any continuous period of three months.

The company has found six diamonds larger than 100 carats in the first nine months of the year, compared with just four throughout 2016.

Fura Gems aims to resume production at the mine within six months of the deal closure.

Disappointed shareholders sink Barrick Gold shares 7.6% after $300m settlement with east African country over export ban is labelled a "downpayment".

The filing cited Anton Colbert of Cook County, Illinois, as lead plaintiff but his action acts in the name of "hundreds or thousands of members in the proposed class."

World's number one gold producer swings to loss during third quarter.

Precious metal is up 114% or $880 an ounce in 2017 as above-ground stocks are "bled dry".

Kumba Iron Ore increased its full-year production target by 1-million tonnes.

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.

Iron ore production rose 3.3% compared with the same period last year to hit a fresh quarterly record of 95.1 million tonnes.

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.

Over 50% of the proceeds will be used to fund clean water, electricity, school, medical facilities, bridges and roads, none of which are currently available in the village of Koryardu, where the diamond was found.

Precious metals miner said its platinum group metals (PGM) operations had delivered "solid operational results" in the first-half of 2017, prompting an upward revision to its 2017 production forecast and a downward revision to guided costs.

Deal allows the Stellar to focus on its bigger Tongo-Tonguma project in Sierra Leone, which would be the country's second largest diamond mine ever.

Company said it expects production of between 50,000 and 55,000 ounces of gold from its new mine in south-western Mali to bring total metal production for 2017 to between 530,000 and 570,000 ounces of gold.

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

Company is on track to begin commercial production before the end of the year, which would boost its annual production more than 70% to between 925,000 and 975,000 ounces of gold.

Miner said full-year profit and output was on track despite a third-quarter dip, but its shares slid to a three-month low after its CEO did not rule out seeking arbitration over a tax dispute in Mali.

Stuart Chambers faces investor calls for clear direction at the company, long seen as a potential takeover target.

Prices for cobalt metal, used in production of electric vehicle batteries, have tripled to nine-year peaks above $30 a pound from below $10 a pound in late 2015.

The best diamonds in the world come from the sea.

The country's mining sector is emerging from years of contraction and the impact of recent severe drought eases, the finance minister said on Thursday.

Lacklustre performances by small mining companies on the London Stock Exchange are driving rivals in need of cash to find alternative ways to raise capital.

Alliance Mining Commodities will invest $670 million over the first five years of production at its mine in northwestern Guinea, Saadou Nimaga.

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