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MINING LAWS, CHANGES IN LEGISLATION/GENERAL DISCUSSION
blacksheep
post Posted: Aug 19 2017, 03:34 PM
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Changes to Brazil mining law to bring mostly higher taxes, costs — experts
Cecilia Jamasmie | about 15 hours ago

QUOTE
Brazil’s proposed changes to its mining law and other related regulations are not only triggering a global uproar from environmentalists, which oppose the planned opening of more than 1 million acres of protected land to miners, but also among resources firms with interests in the country.

Both experts and mining companies fear some of the intended modifications would also result in hefty taxes, higher research costs and decrease interest from foreign investors.

http://www.mining.com/changes-to-brazil-mi...-costs-experts/



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Aug 5 2017, 02:48 PM
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Another African country backtracking on its hard line to suspend mining rights

South Africa’s mines minister withdraws plan to suspend rights
Reuters | about 10 hours ago

QUOTE
South Africa's mineral resources department has withdrawn its plan to impose a moratorium suspending the issuance of new mining and prospecting rights, which had drawn a court challenge by an industry group.

The moratorium attracted criticism from the industry on fears it could hamper growth and investment in South Africa's mining sector, already beset by policy uncertainty, depressed prices, soaring costs and often violent labour strife.

Mineral Resources Minister Mosebenzi Zwane said in July he intended to suspend the granting of applications for prospecting and mining rights. South Africa's Chamber of Mines lodged a court application to prevent the moratorium.

The department said in a statement seen by Reuters on Friday that based on various submissions from industry players on its proposed move it would not go ahead with the moratorium.

The Chamber of Mines, which represents mining companies such as Anglo American and Sibanye Gold, said in a statement an agreement had been struck with the mining department preventing the moratorium.

The agreement was approved and made a binding court order by the High Court, the chamber said.

"While the court order is satisfactory, it does not take away the fact that significant damage has been done to the confidence of the industry as a result of the Minister’s reckless actions," it said.

The chamber has also filed a court challenge against a new mining charter that proposes to increase the required level of ownership of mining firms by black people.
(Reporting by Tanisha Heiberg; Editing by James Macharia)


http://www.mining.com/web/south-africas-mi...suspend-rights/

What happens to mining towns when companies close up shop

South Africa's Blyvoor: From one of the world's richest gold mines to ghost town
AM By Africa correspondent Sally Sara
Updated 25 minutes ago

QUOTE
Thousands of unemployed miners in South Africa are calling on the Government to save their town.

The Blyvoor gold mine, near Johannesburg, shut down in 2013 when it became unprofitable.

Once one of the richest gold mines in the world, the mine village has now become a ghost town as scavengers strip it bare


http://www.abc.net.au/news/2017-08-05/sout...st-town/8777250



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Aug 1 2017, 11:00 PM
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In Reply To: blacksheep's post @ Aug 1 2017, 10:59 AM

Tanzania to lose $553 million annually if Acacia exits its market
TUESDAY AUGUST 1 2017
By ALLAN OLINGO

QUOTE
Tanzania stands to lose $553 million in taxes and labour incomes annually if Acacia Mining shuts down its operations in the country, an audit report by Ernst & Young shows.

In the report on Acacia’s economic and tax contribution to Tanzania, the mining company’s total direct, indirect and induced economic contribution in Tanzania last year included more than 36,000 jobs, about $339 million of labour income, and nearly $214 million in tax payments.

“In total, including direct, indirect and induced taxes paid by Acacia, its employees, suppliers, and other affected businesses, Acacia’s total tax contribution last year was an estimated $214 million,” the analysis shows.

The total workforce was 3,000, whose wages and benefits totalled over $101 million, with an average of $34,000 per employee.

“About 2,800 were Tanzanian nationals who received an average annual wage of $20,000, up from $17,000 in 2015.

“The average annual wage for its Tanzanian workers in 2016 was over 10 times higher than the average earnings of $1,878 for other Tanzanian workers throughout the economy in 2016,” the report states.

In terms of the supply chain and direct contribution to the economy, Acacia’s Tanzanian entities purchased $413 million’s worth of goods and services from other Tanzanian businesses.

“These purchases accounted for 66 per cent of the total supplier purchases made by Acacia’s Tanzanian entities. Of this amount, about $112 million was purchased from businesses local to Acacia’s mines.

“Our spending supported jobs across all sectors of the economy, with the most jobs concentrated in the transportation, communication and other services sectors,” the report says.

Contribution to GDP

Recurring operating purchases and capital investments comprised 91 per cent of Acacia’s total procurement spending in 2016.

In terms of tax obligations, the firm says that it contributed to nearly 1.6 per cent ($724 million) of GDP last year.

“Acacia and its employees together incurred about $167 million in taxes and royalties in Tanzania in 2016. Acacia incurred nearly $128 million in taxes and royalties, about 80 per cent of which was related to corporate income taxes and royalties.

“The remaining 20 per cent was related to unrecovered VAT, Customs and excise taxes, payroll taxes, and other levies. Of this, $14 million of corporate income tax will be paid on assessment in 2017. Its employees paid an estimated $39.3 million in taxes,” the audit report said.

It also said Acacia has spent $11 million on social investments in communities around its mines, with $6 million going towards education, health, infrastructure, water and sanitation through its Maendeleo Fund.

http://www.theeastafrican.co.ke/business/T...cpfp/index.html

The other side of the coin
Tanzania may have lost $30b in mining revenue, probe team says
MONDAY JUNE 12 2017

QUOTE
Tanzania may have lost more than Tsh68.6 trillion ($30 billion) in revenue through creative accounting by mining companies.

While presenting its report to President John Magufuli, a second committee set up to probe earnings in the sector said mining companies, colluding with government officials underreported the export of mineral concentrates in order to dodge taxes.

http://www.theeastafrican.co.ke/business/2...6xgz/index.html



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Aug 1 2017, 10:59 AM
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In Reply To: blacksheep's post @ Jul 26 2017, 10:10 PM

Barrick Gold, Tanzania begin talks to resolve Acacia Mining dispute
Cecilia Jamasmie | about 11 hours ago

QUOTE
To say Acacia Mining (LON:ACA) is having a rough time in Tanzania is to underestimate the challenges the company, one of the largest gold producers in Africa, has been facing in the last few weeks.

The miner, Tanzania's No.1 gold producer, is in the midst of a bitter dispute with the Eastern African’s country’s government, which — among other things — has accused Acacia of tax evasion and illegal operations, served the firm with a $190-billion bill in fines and allegedly outstanding taxes, questioned staff and even blocked one of the firm’s senior executives last week from leaving the country.

The escalating conflict pushed world’s largest gold producer Barrick Gold (TSX, NYSE:ABX), which has a 64% stake in Acacia, to intervene earlier this month by mediating in the dispute.

The Canadian gold miner said Monday it had formally begun talks high-rank Tanzania’s government officials to try solving the ongoing dispute between the country and Acacia, which denies all accusations.

The Tanzanian side in the talks is being led by Justice and Constitutional Affairs Minister Palamagamba Kabudi and Barrick by its chief operating officer Richard Williams, according to a statement quoted by Reuters.

Barrick’s chairman John Thornton and President John Magufuli met in June in Dar es Salaam and agreed to discuss an export ban on gold and copper concentrates as well as “other issues” that have hit Acacia very hard, prompting a collapse of the stock value.

The news gave investors some hope, and Acacia’s shares were slightly up (+0.57%) to 175.40p in late trading in London at 4:27PM local time. The stock, however, has lost more than 67% of its value since the export ban came in effect in March this year. The situation is so delicate that the miner warned last week it would have to close its flagship Bulyanhulu mine by Sept. 30 if the prohibition is not lifted.

Acacia, which owns and operates Tanzania’s three major mines, is also facing a lawsuit in the UK from relatives of miners who died at North Mara. Law firm Deighton Pierce Glynn is acting on 10 cases, most of which relate to incidents since 2013, and one as recently as last year.

According to Tanzania’s official data, 65 civilians have been killed by police at North Mara for trespassing since 2006 and another 270 have been injured
.


http://www.mining.com/barrick-gold-tanzani...mining-dispute/



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jul 26 2017, 10:10 PM
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In Reply To: blacksheep's post @ Jul 26 2017, 03:48 PM

Tanzania mining law changes hit Australian explorers
ANGIE EAST, GLAIZA GAGNO

S&P Global Market Intelligence


https://marketintelligence.spglobal.com/our...alian-explorers




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jul 26 2017, 03:48 PM
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Posts: 5,699
Thanks: 2125


In Reply To: blacksheep's post @ Jul 25 2017, 07:40 PM

Brazil to raise mining royalties, set up new regulator
Reuters | about 10 hours ago

By Marta Nogueira and Lisandra Paraguassu

QUOTE
Brazil's government will announce an increase in mining royalties and the creation of a new agency to regulate the industry in a bid to inject new life in Brazilian mining, three sources with knowledge of the matter told Reuters on Monday.

The new rules will increase the limit on the stake that foreign companies can have in mining ventures in Brazil, currently set at 40 percent, one of the sources said.

The sources gave no details of the royalty increases and said they would be put into effect by temporary decree that would have to be approved later by Congress


http://www.mining.com/web/brazil-raise-min...-new-regulator/



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 


blacksheep
post Posted: Jul 25 2017, 07:40 PM
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In Reply To: nipper's post @ Jul 25 2017, 06:06 PM

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And what's this allegedly all about; cowboys on the frontier, shortcuts, apparent disregard for the environment (let alone nation states, or humans)? Doesn't sound like multinational mining coy's!


That just about covers it!

Not much different to our big mining companies?



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: Jul 25 2017, 06:06 PM
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Posts: 5,380
Thanks: 1960


In Reply To: nipper's post @ Jul 25 2017, 11:15 AM

indeed it did
QUOTE
The Tanzanian government issued the company, which mines all of its gold in the African country, with a $40 billion tax bill and another $150 billion in interest and penalties, Acacia said in a statement Monday. The charge covers alleged under-declared export revenues from the Bulyanhulu and Buzwagi mines over periods between 2000 and 2017
https://www.bloomberg.com/news/articles/201...enturies-to-pay



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Jul 25 2017, 11:15 AM
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Posts: 5,380
Thanks: 1960


In Reply To: blacksheep's post @ Jul 25 2017, 10:35 AM

QUOTE
$190 billion tax bill
-... with a "b" ?

And what's this allegedly all about; cowboys on the frontier, shortcuts, apparent disregard for the environment (let alone nation states, or humans)? Doesn't sound like multinational mining coy's!



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
blacksheep
post Posted: Jul 25 2017, 10:35 AM
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Posts: 5,699
Thanks: 2125


In Reply To: blacksheep's post @ Jul 24 2017, 09:21 PM

Acacia Mining now hit with $190 billion tax bill in Tanzania
Shares collapsed on the news to close almost 21% lower in London.
Cecilia Jamasmie | about 8 hours ago

QUOTE
World’s largest gold producer Barrick, which has a 64% stake in Acacia


QUOTE
Acacia Mining, which owns and operates Tanzania’s three major mines, is also facing a lawsuit in the UK from relatives of miners who died at North Mara. Law firm Deighton Pierce Glynn is acting on 10 cases, most of which relate to incidents since 2013, and one as recently as last year.

According to Tanzania’s official data, 65 civilians have been killed by police at North Mara for trespassing since 2006 and another 270 have been injured.
World’s largest gold producer Barrick, which has a 64% stake in Acacia


http://www.mining.com/acacia-mining-now-hi...-bill-tanzania/

Barrick has alleged "history" in a number of countries - especially PNG https://ramumine.wordpress.com/tag/barrick-gold/

QUOTE
An international trend

The Veladero case is not unique in the world. Barrick Gold also has mining projects in Chile, Peru, Dominican Republic, Papua New Guinea, Canada, the United States, Zambia and Saudi Arabia. Many of these mines have a similar history to Veladero.

Research by Human Rights Watch revealed cases of violence, sexual abuse and even murders at the Barrick Gold mine in Papua New Guinea. The researchers also calculated that the mine had spilled an average of 16,000 tons of liquid waste a day into the nearby Porgera River, in breach of international standards.

In Tanzania, the company was accused of paying bribes in cash to the local authorities, and in the Dominican Republic of causing millions of dollar worth of losses to local producers because of water contamination. Meanwhile, in Chile, the government decided to halt the Pascua-Lama project, a Barrick mine on Chilean and Argentine territory, because of environmental concerns.


https://www.equaltimes.org/veladero-history...lf#.WXaPS4iGPyQ




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
 


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