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Tanzania fines Acacia Mining for breaching environmental regulations
Posted on Thursday January 10, 2019
Acacia said it has been asked verbally to build a new tailings storage facility (TSF), a structure for storing uneconomical ore, but had not yet received any written notice from the government. "Acacia expects that a new TSF is likely to be an economically viable alternative to further expansions of the existing TSF at the mine," the company said. Although the National Environment Management Council found discharges of a hazardous substance at the mine, the company said it was unaware of it and was awaiting a detailed report.
[$$] Tanzania fines Acacia mine $130,000 for environmental breaches
Posted on Wednesday January 09, 2019
“The mine has not yet received any supporting reports, findings or testings data,” Acacia said. The fine comes as Barrick Gold has renewed attempts to find a solution to the protracted dispute with the east African country, which began in 2017 following accusations by Tanzania’s President John Magufuli that the company owed $190bn in taxes.
A Goldman Alum, a Big-Game Hunter, and $100 Billion Business
Posted on Tuesday December 18, 2018
Mark Bristow is a South African geologist and big-game hunter. Together, this corporate odd couple has a plan to turn around the lagging fortunes of the world’s largest gold-mining company, whose shares are down 67 percent from their high in 2010. Thornton, executive chairman of Barrick Gold Corp., set the partnership in motion when he announced a deal for smaller rival Randgold Resources Ltd. for $5.4 billion in September.
[$$] Britain’s Fraud Office Investigates Acacia Mining
Posted on Friday December 14, 2018
LONDON—The U.K.’s Serious Fraud Office is investigating Acacia Mining, an Africa-focused miner that is majority owned by gold giant Barrick Gold Corp., over allegations of corruption in Tanzania, according to people familiar with the matter. The interest of British law enforcement in Acacia marks a heightening of scrutiny over the company—and another headache for Canada’s Barrick, the world’s largest gold producer by output. The British investigations into Acacia focus around accusations that employees of the company, which was called African Barrick until 2014, bribed Tanzanian government officials and consultants, according to the people familiar with the matter.