Mining Sector |

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…

Africa’s Biggest Copper Mine Hit by Zambian Power Restrictions

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LUSAKA (Capital Markets in Africa) – Zambia is cutting power to mines including Africa’s biggest copper site, the Kansanshi pit owned by First Quantum Minerals Ltd., escalating a fight over tariffs. “They have still got some significant amount of power for them to operate, but obviously their operations will not be at 100 percent because of the power restrictions,” Energy Minister David Mabumba told reporters Tuesday in Lusaka, the capital. Glencore Plc has said it halted production…

World’s Biggest Tax Bill Is Latest Woe for Africa Gold Miner

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DAR ES SALAAM (Capital Markets in Africa) – It was supposed to mark a fresh start for the African business of the world’s biggest gold producer. In November 2014, African Barrick Gold Plc would get a new name and new management to distance itself from a troublesome past and disputes with local politicians. Less than three years later, things are worse than ever. Acacia Mining Plc, renamed after a local tree with pom-pom blossoms and…

South African Miners Apply to Block Minister’s Rights Freeze

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s Chamber of Mines, which represents the industry, made a court application to block a proposal by the mines minister to freeze granting and renewing mining rights, intensifying a legal clash between the two sides. The lobby group applied to the Pretoria High Court “to review and set aside the notice and to interdict the minister from taking any decision or issuing any directive contemplated in the notice,” it said…

Tanzania President Urges Increased Control of Mineral Wealth

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DAR ES SALAAM (Capital Markets in Africa) Tanzanians are being cheated out of the country’s mineral wealth and should take more control of their natural resources, President John Magufuli said. Investors in Tanzania’s mining industry have “stolen” from the country by failing to provide a fair share of the revenue they generate from gold and other minerals, Magufuli said in a speech in the central region of Singida on Tuesday. “We are surrounded by wealth; we have…

Mining Clash Heats Up as South Africa Seeks Rights Freeze

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s mines minister has struck back at attempts by the industry to fight his controversial new industry rules with a proposal to indefinitely freeze granting and renewing mining rights. Minister Mosebenzi Zwane said Thursday that the moratorium is necessary to ensure that no rights are approved without being subject to the new regulations, which he has agreed to suspend pending an initial court judgment. The Chamber of Mines, which represents the industry, will…

South Africa Proposes Restriction on Renewal of Mining Rights

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JOHANNESBURG (Capital Markets in Africa) – South African Mineral Resources Minister Mosebenzi Zwane proposed a restriction on granting and renewing mining rights that are needed by producers to operate in the country. Zwane has issued a request for submissions on the proposal, “having regard to the national interest and the need to promote the sustainable development of the nation’s national resources,” he said in a government gazette published Wednesday. The minister’s move raises the stakes in his dispute…

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