Acacia Mining has released a report by a consultant that estimates its value to be 38% higher than the offer made by its majority shareholder Barrick Gold, extending the dispute between the two gold miners. The report put Acacia’s ‘preferred value’ at 271 pence per share,...
ASX-listed miner Volt Resources has been formally granted two mining licences from the Tanzanian government for its Bunyu Graphite Project. The two mining licences are for a combined area of 17.7 km² covering the respective Stage 1 and Stage 2 developments of the graphite flake project,...
Tanzania has revoked a retention license for an undeveloped nickel project jointly owned by mining giants Barrick Gold Corp and Glencore. The Kabanga nickel project in Northwestern Tanzania was one of 11 projects that had its retention licenses cancelled by the government under the Mining (Mineral...
Two of Acacia Mining’s (LSE:ACA) top executives have quit the company following the row with the Tanzanian government over gold concentrate exports. Acacia chief executive officer Brad Gordon and chief financial officer Andrew both notified the company of their resignations but will remain with the company...
The world’s biggest gold producer Barrick Gold Corp has said it will work with the Tanzanian government to ensure the current mineral export ban is lifted by the first half of 2018. The Canadian company made the comments in its Q3 earnings statement, which revealed a...
Shares in Africa-focused gold miner Acacia Mining jumped 30% on the news that its majority owner Barrick Gold had struck a preliminary deal with the Tanzanian government to resolve an acrimonious dispute. Barrick revealed that it will allow Tanzania to take a 16% stake in three...
Acacia Mining’s production figures were above forecasts but its sales figures were down as it faced the reality of the Tanzania Government’s export ban. The London-listed gold miner, which is 64% owned by Barrick Gold, announced overall third quarter production of 191,203 ounces of gold on...
Tanzania has confirmed that it blocked the exporting of US$29.5 million worth of diamonds by UK-based firm Petra Diamonds after it accused the miner of under-reporting its mineral exports. The diamonds were seized by government officials at the main airport in Tanzania’s commercial capital Dar es...
Acacia Mining (LSE:ACA) has signalled its intention to reduce operational activity at its Bulyanhulu gold mine in Tanzania as it faces up to an export ban. Based on Acacia’s 2017 interim results the company said it will need to consider plugging operational activity and expenditure if...
The leaders of Tanzania and Uganda have paved the way for the start of construction work on a US$3.55 billion crude oil export pipeline by laying a foundation stone. The 1,445km pipeline will pump 216,000 barrels of oil per day from the Western region of landlocked...