Acacia Agrees to Pay Tanzania $300M

By Gavin du Venage, South African Editor

Acacia Mining has blinked in its dispute with the Tanzania government, which does not bode well for other miners facing a similar standoff over legislative uncertainty, analysts said.

In March, Tanzania President John Magufuli banned the export of gold and copper ore produced by the country’s largest gold miner, Acacia Gold, majority owned by Canada’s Barrick Gold. The government also levied a $190 billion fine on Acacia — equal to about two centuries of revenue.

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Hope For Mining Industry Under New Govt in Zimbabwe

By Gavin du Venage, South African Editor

A military coup in Zimbabwe could provide a jump start to the country’s mining industry, potentially one of the most vibrant on the continent.
In November, the military overthrew Robert Mugabe, bringing his 37-year reign over the southern Africa country to an abrupt end. The near bloodless coup swept Mugabe’s former deputy Emmerson Mnangagwa to the presidency, just weeks after he had been fired.

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PEA Supports Underground Mine Development at Karowe, Botswana

Lucara Diamond Corp. has reported the results of a preliminary economic assessment (PEA) of development of an underground mine at its Karowe diamond mining operations in Botswana. The PEA assumes that underground operations will be initiated after completion of the current open-pit mine, currently planned for 2026. Kimberlite production from underground mining will be processed at the existing Karowe processing plant over a 10-year period following the depletion of the open-pit operations.

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