Barrick’s Trouble in Tanzania Deepens as Acacia Chiefs Depart

Barrick’s Trouble in Tanzania Deepens as Acacia Chiefs Depart

DAR ES SALAAM (Capital Markets in Africa) – The downfall of Acacia Mining Plc took a new turn as the company’s top executives resigned, bringing fresh uncertainty to the future of the Tanzanian miner owned by Barrick Gold Corp. Chief Executive Officer Brad Gordon and Chief Financial Officer Andrew Wray will step down on Dec. 31, the gold miner said in a statement. The miner’s top three executives are planning to leave, as Chief Operating Officer Mark Morcombe said last month…

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Barrick Will Pay Tanzania $300 Million in Acacia Tax Fight

Barrick Will Pay Tanzania $300 Million in Acacia Tax Fight

DAR ES SALAM (Capital Markets in Africa) – Barrick Gold Corp. agreed to pay Tanzania’s government $300 million as talks about the state’s tax dispute with unit Acacia Mining Plc continue, Chairman John Thornton said. Acacia shares surged by a record. The payment is a “a show of good faith” as a working group comprised of representatives from both sides seek to establish an ultimate resolution to the disagreement, Thornton said at a briefing Thursday after a…

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Brawls, Autocratic Moves Threaten East African Democracy

Brawls, Autocratic Moves Threaten East African Democracy

KAMPALA (Capital Markets in Africa) – Ugandan lawmakers brawl over a bill that could create a president-for-life. Tanzania arrests lawmakers and shutters newspapers. And as Kenya tries to rerun a botched election, a ruling party leader says what the country really needs is a benevolent dictator. As unrest and crackdowns plague some of the region’s largest economies, home to various levels of political freedom, the situation is adding to uncertainty in a part of the world already rocked by…

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Tanzania Needs Clear Rules Amid Economic Transition, Ndulu Says

Tanzania Needs Clear Rules Amid Economic Transition, Ndulu Says

DAR ES SALAAM (Capital Markets in Africa) Tanzania needs to provide clear rules to businesses as it improves governance and makes better use of its natural resources, the governor of the central bank said. President John Magufuli’s government has embarked on an industrialization drive that will need the public sector and business to work better together to achieve inclusive growth, Bank of Tanzania Governor Benno Ndulu said Tuesday at a book launch in the commercial capital, Dar es…

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Tanzanian Leader’s War for Taxes Puts Economy in Firing Line

Tanzanian Leader’s War for Taxes Puts Economy in Firing Line

DAR ES SALAAM (Capital Markets in Africa) – Tanzanian President John Magufuli’s deepening dispute with  companies he accuses of being tax cheats is rattling investors and dimming the   allure of one of Africa’s fastest-growing economies. Since taking office in late 2015, Magufuli has been on a drive to increase  revenue from natural resources to help fund his industrialization plans. His   administration has passed laws enabling it to renegotiate contracts and ordered   foreign mining firms to…

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Petra Shutters Tanzanian Mine After Diamond Shipment Seized

Petra Shutters Tanzanian Mine After Diamond Shipment Seized

DAR ES SALAAM (Capital Markets in Africa) – Petra Diamonds Ltd. halted production at its mine in Tanzania after the government seized a parcel of diamonds suspected of being undervalued, as a dispute between the state and foreign-owned mining companies widens. Petra shares fell the most in 16 years. Employees of the Johannesburg-based company are cooperating with the authorities in the East African nation who are investigating a shipment of 71,654 carats of gems that was…

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Acacia Drops Most Since July on Output Cut Over Tanzania Row

Acacia Drops Most Since July on Output Cut Over Tanzania Row

DAR ES SALAAM (Capital Markets in Africa) Acacia Mining Plc shares dropped the most since July as the company will stop underground production at Tanzania’s Bulyanhulu mine until a dispute with the government over taxes and exports is resolved. The stock declined as much as 15 percent, the most since July 25, as Acacia cut its output forecast to about 750,000 ounces, from 850,000 to 900,000 ounces, for this year. It traded down 8.9 percent by 11:31…

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