Barrick Gold has agreed to sell a 16% stake in three mines in Tanzania to the government. The company also agreed to share 50% of the revenues from the mines. Barrick’s chairman John Thornton made the announcement at a news conference at State House Dar-es-Salaam on Thursday after a meeting …

Shanta Gold’s new strategy is expected to improve profitability and reduce debt, following legislative changes in Tanzania. The move is to deliver a stronger operational and financial performance during the next few quarters for the company. “Shanta’s new strategy of focusing closely on cost control, operational improvements and shareholder returns …

Tanzania’s Ngualla project developers Peak Resources have polished finances presentation of the project to include process optimisation studies and the latest rare earth pricing trends. Peak has decreased the expected post tax net present value from the $633-million considered in the April bankable feasibility study (BFS) to $612-million, while the …

Acacia Mining has reported a drop in production over the last three months. The company has attributed the development to work permit issues and reduced operations at its main Tanzanian mines. However, Investec analyst are optimistic that Acacia will meet its full-year production target as output for the year is …

Organisers of Africa’s biggest mining jamboree – Mining Indaba have promised a big and better event in 2018. The event’s new organisers – Euromoney said all stakeholders in the sector have been engaged, returning the event to a deal making forum. Alex Grose, Managing Director for Mining Indaba said new …

LSE-listed Petra Diamonds on Monday warned shareholders it was likely to breach lending covenants at the end of this year owing to labour disruptions and uncertainty around sales volumes at Petra Diamonds’ South African mines and Williamson Mine, in Tanzania respectively could see the company breach lending covenants. The company …

International diamond company De Beers Group has announced that it will provide diamond verification services to Singapore Diamond Mint Company’s (SDM) new investment-grade diamond product, Diamond BullionTM, listed on the Singapore Diamond Investment Exchange (SDiX). De Beers’ International Institute of Diamond Grading & Research (IIDGR) said will use its proprietary …

Tanzania’s energy and minerals ministry has been split into two, five months after sacking of the minister. The development comes after two presidential committees recommended the move, to tighten supervision of natural resources in Tanzania. President John Magufuli fired Sospeter Muhongo in May after an investigation into possible undeclared exports …

Volt Resources has received positive feedback from its Bunyu Graphite Project in Tanzania. The Chinese offtake partner – China National Building Materials General Machinery’s (CNBMGM) said Bunyu products meets all her requirements. Trevor Matthews, Volt’s Chief Executive Officer is optimistic though final results from the CNBMGM test work program are …

Strandline Resources has resumed project financing activities for the company’s Fungoni heavy minerals sands project priced at $30-million. The development comes after the definitive feasibility study (DFS) for the Fungoni project estimated that 302 300 t of saleable mineral sands product could be delivered over the six-year mine life, generating …