Barrick Gold to pay US$300M in settlement of disputes with Tanzania
Barrick Gold Corp. agreed to pay US$300 million as settlement for all outstanding tax and other disputes with the government of Tanzania, related to the mining firms formerly operated by Acacia Mining PLC and now managed by Barrick. Other terms of the agreement include the lifting of the concentrate export ban, sharing of future economic benefits on a 50/50 basis, and the establishment of a unique, Africa-focused international dispute resolution framework. In conjunction with the finalization of the agreement, a new operating company called Twiga Minerals Corp. was formed to manage the Bulyanhulu, North Mara and Buzwagi mines.
BHP Group reached new renewable energy contracts for its Spence and Escondida copper mines in Chile, which it said will reduce energy prices by up to 20% and displace up to 3 million tonnes of carbon dioxide emissions.
Talison Lithium Ltd., co-owned by Albemarle Corp. and Chengdu Tianqi Industry Group Co. Ltd., expects to double its production to about 1.3 million tonnes of lithium concentrate per year as the company opens its new chemical grade processing plant 2 at the Greenbushes lithium project in Western Australia, ABC News reported. The company, meanwhile, plans to bring CGP3 online in the next three to four years, subject to market demand.
* Aeon Metals Ltd.'s scoping study for the Walford Creek copper-cobalt project in Queensland, Australia showed total contained production of 146,000 tonnes of copper and 22,000 tonnes of cobalt, for a total copper equivalent production of 446,000 tonnes and average annual copper equivalent output of 42,500 tonnes. Posttax net present value, at an 8% discount, is A$431 million, with an internal rate of return of 34% and a payback period of 3.0 years.
* A group of farmers is organizing a protest against the Peru-based Zafranal copper project, owned by Teck Resources Ltd. and Mitsubishi Materials Corp., Mining.com reported, citing information from La Republica newspaper. The president of the community council, Nelson Martinez, said that his people are worried about the quality of their resources being affected by the project as the miners are not properly disclosing the impact of their activities on the agricultural land.
* Bryah Resources Ltd. was granted two new exploration licenses and lodged three exploration license applications, all prospective for copper-gold mineralization, totaling 255 square kilometers and significantly increasing the company's land holding at its flagship Bryah Basin project in Western Australia.
* Rumble Resources Ltd. exercised an option to acquire a 75% interest in Zenith Minerals Ltd.'s E69/3464 copper-lead tenement in Western Australia, under renegotiated terms.
* Cobalt Blue Holdings Ltd. entered into a testwork cooperation agreement with OZ Minerals Ltd. The testwork will evaluate a processing technology developed by Cobalt Blue to recover cobalt, copper and gold from a pyrite concentrate. A key aim will be to assess if a high purity cobalt sulfate can be produced from the concentrate.
* Australian Mines Ltd. outlined a total resource estimate for the Minnamoolka nickel project in Queensland, Australia, of 14.2 million tonnes grading 0.66% nickel and 0.03% cobalt.
* Horizonte Minerals PLC completed the drawdown of US$25 million from Orion Mine Finance, which was obtained through the sale of a 2.25% royalty on the first 426,429 tonnes of contained nickel sold from the Araguaia ferronickel project in Brazil.
* Focus Minerals Ltd. will pursue a counter proposal from Horizon Minerals Ltd. on the sale of the Coolgardie gold project in Western Australia. The counter proposal includes a total consideration of A$52 million, extension of the exclusivity period for a further 60 days, and the requirement for Horizon to replace the environmental bonds by the Department of Mines, Industry Regulation and Safety if required.
* Petropavlovsk PLC's total gold sales in the third quarter rose 53% yearly to 126,400 ounces, with average realized prices rising to US$1,388 per ounce from US$1,228/oz.
* Perseus Mining Ltd.'s gold production in the September quarter totaled 65,825 ounces at an all-in site cost of US$922 per ounce. Gold sales totaled 73,561 ounces, while average sales price amounted to US$1,374 per ounce.
* In the third quarter, Chaarat Gold Holdings Ltd.'s gold equivalent production totaled 16,377 ounces, down from second-quarter output of 16,996 gold equivalent ounces.
* Highland Gold Mining Ltd.'s third-quarter gold production grew to 75,038 ounces, from 74,826 ounces in the year-ago quarter. Average realized gold price in the period totaled US$1,483 per ounce.
* OreCorp Ltd. completed the acquisition of full ownership and control of Nyanzaga Mining Co. Ltd., which has applied for the special mining license over the Nyanzaga gold project in Tanzania.
* Geopacific Resources Ltd. completed a A$40 million share placement to sophisticated and professional investors, with the Australia-listed explorer intending to raise an additional A$5 million through a share purchase plan. The proceeds of the share placements will fund development work at the Woodlark gold project in Papua New Guinea.
* At least 15 people died on Saturday when a dam collapsed, flooding an artisanal mining encampment in Krasnoyarsk, Siberia, Reuters reported. Russian news agency and information services company Interfax said the miners were part of Siberian privately held Sibzoloto, which unites several artisanal mining teams.
* The Ebola epidemic is concentrated in the Mandima health zone area in the Biakato mine, a gold mining location in eastern Democratic Republic of Congo, according to the World Health Organization, Reuters reported.
* Sinosteel Corp. seeks to revive the long-stalled A$9.7 billion Oakajee mining rail and port project in Western Australia, following its acquisition of Mitsubishi Corp.'s interest, The Australian Financial Review reported.
* Iluka Resources Ltd. is under pressure to spin off royalty tied to iron ore production at BHP's Area C in Western Australia, in a move that may unlock about A$2 billion for shareholders, The Australian Financial Review's Street Talk reported.
* Evraz PLC acquired a pilot plant and tailing technology for the Kachkanarsky ore mining and processing plant in Russia from LLC Rock Capital Partners for 249.1 million rubles, inclusive of 20% VAT.
* Eastern Iron Ltd. reached a nonbinding memorandum of understanding to evaluate the suitability of utilizing the Edrom, New South Wales wharf and loading facility for the shipment of product from the Nowa Nowa iron ore mine in Victoria, Australia.
* By 2023, coal will account for 59% of South Africa's electricity volumes, while 8% would come from hydro, 6% from photovoltaic, 18% from wind, and 1% from gas and diesel, based on the country's Integrated Resource Plan, as mentioned by energy minister Gwede Mantashe, Reuters reported. Coal currently accounts for more than 80% of South Africa’s power generation.
* Moses Mukwada, chairman of Bocha Diamond Trust, said that there had been cases of villagers being rounded up and forced to work in diamond mines in the Marange mining region in Zimbabwe, contrary to the government's claim that there is no forced labor happening in the mines, BBC reported. U.S. has banned imports of rough diamonds from Zimbabwe this month due to forced labor concerns.
* Lynas Corp. Ltd.'s total rare earth oxides production fell to 3,926 tonnes in the first fiscal quarter of 2020, from 4,651 tonnes recorded in the fourth fiscal quarter of 2019, in line with the production limit applied by the Malaysian government for calendar year 2019.
* Hastings Technology Metals Ltd. has awarded the engineering, procurement and management contract for the Yangibana rare earths processing plant and associated infrastructure in Western Australia to DRA PACIFIC (PTY) LTD. Works under the contract have an estimated value of A$350 million.
* Toro Energy Ltd. estimated a maiden inferred resource at the Wiluna uranium project of 53.6 million tonnes at 0.0382% vanadium pentoxide for 68.3 million pounds of vanadium pentoxide.
* Chile's mining industry is operating normally amid violent protests against a proposed increase in public transport costs that have rocked the country's capital of Santiago over the weekend, Reuters reported.
* Insolvencies in Australia are likely to rise on the back of a two-year high in the number of companies close to exhausting their cash reserves, according to accounting firm BDO, as junior mining ranks have shrunk to the lowest level in four years, The Australian Financial Review reported.
* Zimbabwe's Chamber of Mines CEO, Isaac Kwesu, said the country needs to address potential impediments to create an enabling environment for the mining sector in response to the government's announced target to reach a US$12 billion mining industry in the next three years, The Sunday Mail reported. Kwesu said that the three-year period is not too short to reach the targets, but it can be when the country fails to address the fundamentals.
* The Philippines' Department of Finance welcomed the proposal of Albay Representative Joey Salceda to impose a new tax scheme for the mining sector, composed of a 3% royalty tax on large-scale mining operations within a mineral reservation, and a margin-based royalty tax ranging from 1% to 5% on large-scale mining operations outside mining reservation areas, The Philippine Star reported. Salceda is also proposing for the imposition of an additional 2% tax on the gross revenues of mining companies to create the National Resource Trust Tax.
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