Petra Diamonds revenue up as production, sales jump

Cecilia Jamasmie | Oct. 22, 2018, 9:50 AM | South Africa’s Petra Diamonds (LON:PDL) increased sales by more than a fifth in the first quarter of its financial year, as higher production, better quality stones and a weakening of the rand offset a slump in the price of the precious rocks it mines. Revenue rose 22 percent in the […]

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Acacia threatens Tanzania with legal action as dispute escalates

Cecilia Jamasmie | Oct. 19, 2018, 3:55 AM | Acacia Mining (LON:ACA), the Tanzanian gold producer dealing with an ongoing dispute with the country’s administration, has threatened to sue the government in international court as concerns about the safety of its staff mount. The company, majority owned by Barrick Gold (TSX, NYSE:ABX), has been waiting […]

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Shanta Gold to expand search in Tanzania, as new laws deter others

Reuters | May. 14, 2018, 11:11 AM | LONDON, May 14 (Reuters) – 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, the chief executive told Reuters. Shanta’s plans buck a trend among other firms that have scaled back […]

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Glencore, Barrick expect prospecting licence for Tanzania nickel project

Reuters | May. 14, 2018, 9:33 AM | LONDON, May 14 (Reuters) – Global miners Glencore and Barrick Gold expect to receive a prospecting licence for a nickel joint venture in Tanzania after the government cancelled its retention licence, Barrick said. The retention licence of the undeveloped Kabanga nickel project was one of 11 licences […]

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AngloGold upbeat on Africa even as mine uncertainty persists

Bloomberg News | May. 8, 2018, 9:24 AM | (Bloomberg) — AngloGold Ashanti Ltd. remains upbeat on its African assets even as new mining rules threaten profits at two of the company’s key mines. The world’s third-largest gold producer is mired in disputes with the governments of Tanzania and the Democratic Republic of Congo over law […]

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Making a bad situation worse: Tanzania introduces further regulatory changes to the mining sector

Herbert Smith LLP | May. 3, 2018, 12:47 PM | Oped by Peter Leon, Partner and Co-Chair of the Africa Practice, Herbert Smith Freehills  In July 2017, the Tanzanian National Assembly enacted three laws, under a certificate of urgency, which together will have a profound impact on the resources sector in Tanzania. These are the Natural Wealth […]

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Petra Diamonds rallies on revenue growth, record output

Cecilia Jamasmie | Apr. 23, 2018, 7:54 AM | Shares in Petra Diamonds (LON:PDL) climbed almost 8% on Monday after the miner reported a significant revenue increase in its third-quarter driven by record production in the first three months of 2018. The South African diamond producer, owner of the iconic Cullinan mine, which produced the diamonds […]

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Embattled Acacia Mining keeps losing money due to Tanzania tax row

Cecilia Jamasmie | Apr. 19, 2018, 3:46 AM | Acacia Mining is Tanzania’s biggest gold producer and operates three major mines in the country — Bulyanhulu, Buzwagi (pictured) and North Mara. Acacia Mining (LON:ACA), Tanzania’s No.1 gold producer, revealed Thursday that revenue in the first quarter of the year had slumped almost 50% after reduced operations at […]

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Investment in Africa’s mining sector to rise: BMI

Valentina Ruiz Leotaud | Apr. 2, 2018, 9:21 AM | Despite the fact that, through the enactment of new laws and regulations, local governments in Sub-Saharan Africa are starting to claim a larger share of their countries’ mineral resource wealth, BMI Research believes that investments in the region will continue to rise in Q3-2018. In […]

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Tanzania’s new mining rules impose restrictions on foreign banks, insurers

Reuters | Feb. 20, 2018, 10:49 AM | Under new regulations the mining ministry passed last month, Tanzania will now make it compulsory for foreign-owned mining groups to offer shares to the government and local companies. DAR ES SALAAM, Feb 20 (Reuters) – Foreign-owned banks, insurance companies and law firms could be locked out of […]

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