You are here
Tanzania's firebrand leader takes on its largest gold miner
From The Economist, London
Thursday, June 15, 2017
"If they accept that they stole from us and seek forgiveness in front of God and the angels and all Tanzanians and enter into negotiations, we are ready to do business."
As conciliatory gestures go, that one by John Magufuli, Tanzania's president, to Acacia Mining, the country's largest foreign investor, could hardly have been more fork-tongued.
Nonetheless, two days later John Thornton, head of Barrick Gold, Acacia's largest shareholder, met Mr. Magufuli to start talks on ending a dispute that has halved Acacia's market value since the government in March imposed a ban on the export of gold and copper concentrates. It is a mark of the seriousness of the standoff that he is ready to negotiate on all points of contention between the two sides.
The context of the row is increasingly typical of Africa’s mining industry. The Tanzanian government is seeking more tax revenue from a foreign mining firm that was initially wooed into the country by generous tax concessions. The state also wants to generate more value and jobs by smelting Acacia's concentrates domestically, rather than abroad. ...
... For the remainder of the report:
Camino Reports Diamond Drive Results from Los Chapitos Project
Wednesday, June 7, 2017
Camino Minerals Corp. (COR: TSX-V) is pleased to report results for the first diamond drill hole completed at its Los Chapitos Project in southern Peru. Hole DCH-001 was designed to twin CHR-002 on the Adriana Zone, which intersected 106 meters averaging 1.3 percent copper.
Selected drill highlights from hole DCH-001 include:
-- 0.73 percent copper over 55.0 meters, including 1.21 percent copper over 28.3 meters.
-- 0.72 percent copper over 168.5 meters, including 1.63 percent copper over 27.0 meters.
-- And 0.94 percent copper over 3.8 meters at the end of the hole.
Hole DCH-001 intersected numerous intervals of oxide and sulphide mineralization that had a combined total length of 316 meters averaging 0.63 percent copper. Diamond drilling appears to have recovered the oxide mineralization better than reverse-circulation drilling, as noted by the interval from 5.7 to 61 meters. Copper oxide mineralization was found throughout the hole, including in the magnetite-rich zones. Most of the deeper intersections averaging greater than 1 percent copper were generally sulphide mineralization. The comparable diamond drill interval to the high grade intersection of hole CHR-002 was well-brecciated and resulted in it being mostly oxide mineralization containing reduced copper values. ...
... For the remainder of the announcement:
Join GATA here:
New Orleans Investment Conference
Wednesday-Saturday, October 25-28, 2017
Hilton New Orleans Riverside Hotel, New Orleans, Louisiana
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit: