Tanzania and Kabanga Nickel strike deal on mining joint venture

TANZANIA – The government of Tanzania and UK-based mining firm Kabanga Nickel Limited have signed a framework agreement to jointly develop the Kabanga nickel project formerly owned by Barrick Gold and Glencore. Tanzania’s Foreign minister Palamagamba Kabudi said during a signing ceremony in Bukoba that the government would own a 16% undiluted free-carried interest in the nickel project through a new joint venture company, Tembo Nickel Corporation, 84% owned by Kabanga Nickel. By law, Tanzania’s government gets a 16% stake in all mining projects in the country. Nickel is a…

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AngloGold Ashanti and Barrick Gold conclude sale of their interest in Morila Limited

MALI – AngloGold Ashanti and Barrick Gold have concluded the sale of their interest in Morila Limited, which owns 80% of the Morila gold mine in Mali, to Firefinch (previously named Mali Lithium) for US$28.8 million. The state of Mali continues to hold the remaining 20%. The net proceeds to AngloGold Ashanti’s account will be US$3.6 million taking into consideration shareholder loans and intercompany payables. Firefinch will seek to extend Morila’s life by accessing satellite resources and adapting the mine’s infrastructure. The company will employ all of Morila’s workforce, providing…

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AngloGold and Barrick Gold to offload stakes in Mali’s Morilla Gold Mine

MALI – Gold mining giants, AngloGold Ashanti and Barrick Gold have made public their plans to sell their effective 80% stake in the Morila Gold Mine in Mali to Australia based Mali Lithium. The decision to offload their stakes at the mineral mine which is popularly known as Morilla the Gorilla comes against a backdrop of political crisis occasioned by a military coup that ended the reign of a democratically elected government. Mali’s President Ibrahim Boubacar Keita resigned and dissolved parliament earlier in August, hours after soldiers held him at…

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Shanta Gold Ltd completes acquisition of Barrick Gold’s asset in AEKL

EAST AFRICA – Shanta Gold Limited, an East Africa-focused gold producer, has completed its acquisition of the Acacia Exploration (AEKL) Kenyan gold assets from Barrick Gold. It follows the receipt of regulatory approvals in Kenya, which now satisfied all remaining closing conditions of the transaction. The primary asset is the West Kenya project, which has a resource currently pegged at just under 1.2mln ounces. With a grade of 12.6 grams per tonne, the project has been described as ‘the highest grade million ounce-plus project under development anywhere in Africa’. The…

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Barrick Gold’s net earnings soar buoyed by rising gold prices, strong performance of Africa operations

GLOBAL – Barrick Gold, the world’s second largest gold miner has announced strong second-quarter financial results boosted by rising gold prices and a strong operational performance from the company’s operations in Africa. Gold prices have been surging at the back drop of the COVID-19 which has forced many investors to turn to gold at the save haven for their wealth. Earlier this month, Gold prices smashed the US$2000/oz mark for the first time in 100 years and are expected to trade on the record high prices of US$1980/oz for the…

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