East African Mining News Unearthing Mining Opportunities in East Africa

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 …