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Category: Gold

Mali Accuses Barrick Gold of Violating Agreement Amid Revenue Negotiations 1 Gold Corporate News International 

Mali Accuses Barrick Gold of Violating Agreement Amid Revenue Negotiations

Constance
Mali has accused Barrick Gold of failing to meet commitments made in a recent agreement. The Canadian mining company, which operates the Loulo-Gounkoto gold mines in Mali, denied any wrongdoing on Thursday. Barrick, the world’s second-largest gold miner, announced on September 30 that it had reached an agreement with Mali’s government to settle disputes over the Loulo and Gounkoto mines. This announcement followed the brief detention of four Malian employees by authorities. However, in a joint statement dated October 23, Mali’s economy and mines ministries claimed Barrick had not fulfilled… Read More Here
Newmont Sells Akyem Mine in Ghana to Zijin Mining for Up to $1 Billion 2 International Gold 

Newmont Sells Akyem Mine in Ghana to Zijin Mining for Up to $1 Billion

Constance
US-based gold giant Newmont has reached an agreement to sell its Akyem mine in Ghana to Chinese mining firm Zijin Mining for up to $1 billion in cash. This sale is part of Newmont’s ongoing strategy to divest non-core assets following its acquisition of Newcrest Mining in 2023. Last month, the Denver-based company also agreed to sell two Australian assets for up to $475 million. Additional assets on the market include the Éléonore, Musselwhite, and Porcupine mines, along with the Coffee project in Canada, as well as the CC&V mine… Read More Here
Mali Seeks $512 Million in Tax Claims from Barrick Gold Amid Mining Revenue Drive 3 Gold International Mining tax 

Mali Seeks $512 Million in Tax Claims from Barrick Gold Amid Mining Revenue Drive

Constance
Mali’s military government is demanding at least 300 billion CFA ($512 million) in outstanding taxes and dividends from Barrick Gold, as part of a broader initiative to increase revenue from mining companies. Last month, authorities briefly detained four Malian staff members employed by Barrick, the world’s second-largest gold miner. The Canadian company announced on September 30 that it had agreed to collaborate with the government to address existing claims and disputes. These demands follow an audit of mining contracts conducted last year and the government’s push to renegotiate agreements with… Read More Here
Barrick Gold Reports Lower Q3 Production Amid Challenges at Nevada Mines 4 Gold International 

Barrick Gold Reports Lower Q3 Production Amid Challenges at Nevada Mines

Constance
Barrick Gold reported lower-than-expected gold production in the third quarter, attributed to a decline in output at its Carlin and Cortez mines in Nevada, the Canadian miner announced on Wednesday. The Carlin and Cortez mines are part of Nevada Gold Mines, a joint venture between Barrick and U.S.-based Newmont. Total gold output at Nevada Gold Mines decreased to 385,000 ounces in the July-September quarter, down from 401,000 ounces in the previous three months. Despite the decline, Barrick, the world’s second-largest gold producer, anticipates a “materially stronger fourth quarter.” The completion… Read More Here
Kibali Gold Mine Discovers Major Deposits, Expands Exploration in DRC 5 Mining in DRC Exploration Gold 

Kibali Gold Mine Discovers Major Deposits, Expands Exploration in DRC

Constance
At its 54th quarterly press conference on October 8 in Kinshasa, Kibali Gold Mines announced significant new deposit discoveries near its plant, boosting the mine’s long-term growth prospects. Mark Bristow, Barrick’s Chairman and CEO, shared that these discoveries will help maintain Kibali’s status as Africa’s largest gold mine for years to come. Bristow revealed that the newly identified “ARK” target, just 4 km from the processing plant, holds the potential for a high-grade deposit of several million ounces. This discovery, along with deeper extensions of the KCD deposit, will help… Read More Here
Ghanaians Protest Against Illegal Mining, Call for Government Action 6 International Artisanal mining Gold 

Ghanaians Protest Against Illegal Mining, Call for Government Action

Constance
Hundreds of Ghanaians took to the streets for a second consecutive day, urging the government to crack down on illegal mining in the country, which is Africa’s top gold producer. Protesters carried placards demanding action to stop illegal mining, which they blame for polluting rivers and degrading soil across Ghana. A final day of demonstrations is planned for Saturday, according to a Bloomberg report. “This is not just a crisis; it’s a fight for the soul of our nation,” said Brownson Adatsi, lead convener of the Free The Citizens Movement,… Read More Here
DRC Targets Companies Sourcing Conflict Minerals from Eastern Region 7 Mining in DRC Gold Tin 

DRC Targets Companies Sourcing Conflict Minerals from Eastern Region

Constance
The Democratic Republic of Congo (DRC) plans to intensify its crackdown on companies sourcing minerals from the conflict-ridden eastern region, where smuggling fuels one of the world’s most severe humanitarian crises. The government has already raised concerns with Apple Inc. regarding the potential connection between its sourcing of metals like tin, tantalum, and gold and the ongoing violence in the DRC. These minerals, vital to the tech industry, are reportedly being smuggled through neighboring Rwanda, according to a Bloomberg report. In April, the DRC alerted Apple to possible conflict minerals… Read More Here
Burkina Faso to Withdraw Mining Permits from Foreign Companies 8 International Gold 

Burkina Faso to Withdraw Mining Permits from Foreign Companies

Constance
Burkina Faso plans to withdraw mining permits from certain foreign companies in an effort to boost its own gold production, announced junta leader Ibrahim Traore on Saturday. However, he did not specify which permits would be canceled. “We know how to mine our gold, and I don’t understand why we should allow multinationals to come and mine it,” Traore stated in a radio address marking two years since he took power in a coup. Traore confirmed the intention to revoke mining permits but provided no further details or specifications regarding… Read More Here
Barrick-Tanzania Partnership Generates Bulk of Nation’s Mining Revenue 9 Gold International 

Barrick-Tanzania Partnership Generates Bulk of Nation’s Mining Revenue

Constance
The Twiga partnership between Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) and the Tanzanian government is contributing 51% of the government’s revenue from the extractive industry, according to the latest report of the Tanzania Extractive Industry Transparency Initiative. Twiga comprises the North Mara and Bulyanhulu gold mines. Both mines also led the industry’s safety performance, with Bulyanhulu winning this year’s Occupational Safety and Health Award and North Mara named as the best company for caring for workers with special needs by Tanzania’s Occupational Safety and Health authority. Speaking to the media and local… Read More Here
Barrick and Mali Reach Agreement to Settle Disputes 10 International Gold 

Barrick and Mali Reach Agreement to Settle Disputes

Constance
 Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) and the government of Mali have agreed to find a global resolution to the existing claims and disputes between the government and Barrick’s Loulo and Gounkoto gold mining companies. Details of the agreement, based in essence on Barrick’s original proposals, will be made public once the terms of the settlement have been finalized. Barrick president and chief executive Mark Bristow said the company’s mutually beneficial relationship with Malian governments had endured for 30 years and occasional differences with successive regimes had always been amicably resolved. “The… Read More Here

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