Acacia Mining PLC is losing more than US$1 million in revenue each day at two mines in Tanzania because of the country’s ban on exports of gold and copper concentrates, the London-listed company said on Friday.
Acacia, majority owned by Barrick Gold Corp, said it can produce and store concentrate at its Bulyanhulu and Buzwagi mines beyond the end of next month, but must assess how long that can continue if the ban remains.
“We are taking a range of actions to help manage this financial impact,” Acacia said in a statement.
Acacia, the largest miner in Tanzania, said talks with government officials have failed to result in the ban being lifted.
The Tanzanian Ministry of Energy and Minerals halted the export of unprocessed ore on March 3, following Tanzanian President John Magufuli’s call for the construction of more gold smelters in the country, Africa’s fourth-largest gold producer.
Acacia said it has offered to partner with the government on a new study assessing the economic potential of building a smelter in Tanzania.
It is unlikely Acacia will emerge from the ban unscathed, Panmure Gordon & Co analyst Kieron Hodgson said.
“The ultimate resolution will probably contain a commitment to the government for a smelter or an additional processing step to be implemented at each of the operations, as well as a possible change in the company’s advantageous taxation arrangements, or a bit of both,” Hodgson said in a note to clients.
More than 99 percent of gold mined in Tanzania is already processed there.
Concentrate — mixed silver, copper and gold — is challenging to separate and needs complex technology, the chairman of industry body Tanzania Chamber of Energy and Minerals has said.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion