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Tanzanian President Samia Suluhu Hassan and Barrick Gold Corp top boss Mark Bristow met on Wednesday to review progress at the Canadian miner’s operations in the African country, a meeting that Bristow called “highly constructive”. Barrick oversees the management of its assets in Tanzania through Twiga Minerals Corp, a joint venture formed in 2019 between the company and the government of Tanzania following a deal to settle a long-running tax dispute between the parties. Twiga Minerals manages the Bulyanhulu, North Mara and Buzwagi mines in Tanzania “We see the potential… Read More Here

Global miner Anglo American’s total tax and economic contribution in South Africa in 2020 was $8.49-billion, the group’s Tax and Economic Contribution Report for 2020 shows. Total tax borne and collected was $2.03-billion. Corporate income tax was $1.23-billion; royalties and mining taxes were $356.4-million; other payments borne were $56.9-million; and taxes collected were $383.9-million. For the year, Anglo’s capital investment in South Africa was $1.25-billion; its wage and related payments were $1.63-billion; its in-country procurement was $3.11-billion; its total procurement was $3.53-billion; and its corporate social investment was $54.5-million. Globally, Anglo’s total… Read More Here

While an increase in commodity prices is good news for mining companies and investors, there is always the risk that favourable market conditions will lead to resource nationalism. For example, according to a recent Fitch Solutions report on nickel, an upward trend in the metal’s price raises the likelihood of mining royalty increases in order to profit from higher prices. In recent years, countries such as Tanzania have enacted new mining regulations to ensure that local businesses can reap greater benefits from their mineral resources. While the intention is noble,… Read More Here

Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) President and CFO Marna Cloete is pleased to announce the company has been informed that effective following the close of May 27, 2021, the Class A common shares of Ivanhoe Mines will be added to the MSCI Canada Index. The MSCI Canada Index is designed to measure the performance of the large and mid cap segments of the Canadian market. Currently with 89 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in Canada. About Ivanhoe Mines Ivanhoe Mines is a Canadian… Read More Here

The Ministry of Minerals is concentrating on improving revenue collection to boost the mining sector’s contribution to GDP. Revenue collection is one of several key priority areas that will get a boost in the fiscal year 2021/22. Minister for Minerals, Dr Dotto Biteko, presented his ministry’s budget estimates, saying the government’s goal for the fiscal year 2021/2022 is to collect 696,441,872,667, up from 547,735,863,597 in the fiscal year 2020/2021. He pointed out that of the funds so far collected, 650,010,002,000/- (equivalent to 93.33 per cent) would be submitted to the… Read More Here

Tasked with talking about the role of mining in society as part of the opening plenary at this year’s virtual CIM convention, Anglo American(LSE: AAL) chief executive Mark Cutifani didn’t mince words. With a world population of 7.6 billion that’s growing toward 9 billion, “the simple fact is that the world cannot survive without mining and our contribution to literally every aspect of modern life,” Cutifani said. Cutifani noted that other critical sectors, including energy, food production, construction, transportation, renewables infrastructure and communications all rely on mining. “In fact, 45%… Read More Here

Another South African record for the largest electronic detonator blast has been broken by the blasting and explosives company BME. The blast was conducted by BME, an Omnia Group company, at the end of 2020 at a manganese mine in South Africa’s Northern Cape province. Using its AXXIS™ electronic initiation system, BME was able to plan and execute a blast of 4,647 detonators. Just a few months earlier, the company had broken a previous record at the same mine by initiating 3,780 detonators in a single blast. “The latest achievement… Read More Here

Bullion major Barrick Gold president and CEO Mark Bristow on Thursday described the late President of Tanzania, John Magufuli, as a “visionary statesmen who saw the value of a thriving mining sector”. Magufuli died on Wednesday at the age of 61 from a heart condition. In a statement mourning the loss, Bristow said Magufuli partnered with Barrick to create Twiga Minerals – a joint venture that would “stand as a monument to the late President’s foresight”. Twiga manages Barrick’s mines in Tanzania and shares the economic benefits they generate equally between the company and its stakeholders in that… Read More Here

Rising commodity prices are leading bank analysts and policy makers to question whether resurgent commodity demand and insufficient supply will create a new commodity supercycle. Price fluctuations, of course, are as old as the business itself. A commodity supercycle is different, however. In the usual business cycle, demand drives up prices and supply increases in an attempt to capture this windfall, driving prices down again. In a supercycle, the supply is so insufficient for the growth of demand that prices rise for years or even a decade or more. Before looking at the… Read More Here

As from 1 April this year, all applications for a mining licence in Namibia must have 15% local owners, the Ministry of Mines and Energy announced last week. The move to localise ownership of Namibian mining licences follows the completion last year of a review of the Mining Act which covers prospecting and mining activities. The ministry announced in a press release that all “applications by Namibian nationals for the transfer, cessation, assignment of mineral licences to foreign companies or persons may be granted provided 15% interest in the company… Read More Here