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MINING LAWS, CHANGES IN LEGISLATION/GENERAL DISCUSSION
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/



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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: 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: 5,448
Thanks: 2085


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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Posts: 5,448
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In Reply To: nipper's post @ Jul 25 2017, 06:06 PM

QUOTE
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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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: 5,224
Thanks: 1924


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!



--------------------
"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: 5,448
Thanks: 2085


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
 
blacksheep
post Posted: Jul 24 2017, 09:21 PM
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Posts: 5,448
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Struggle over mining riches hots up in Africa
By reshared_by_ZCN -24th July 2017

This post was originally published here
QUOTE
As storm clouds gather over South Africa’s mining industry amid controversy over the Mining Charter, mining houses in the rest of Africa are between a rock and a hard place.

Tanzania, Africa’s fourth-largest gold producer, after South Africa, Ghana and Mali, is the latest country on the continent to read the riot act to mining companies.

A similar trend of confrontation between mining companies and governments is playing out in the Democratic Republic of Congo, Zambia and Zimbabwe.

The DRC is mulling an amendment of its mining code to reflect an increase in taxes on profits from 30% to 35%, an increase in the government’s stake in new mining projects from 5% to 10%, and an increase in royalties from 2% to 3.5% for copper and cobalt.

In 2015, Zambia had myriad challenges to its mining sector, among these threats of closure by copper producers after it increased mineral royalty taxation from 6% to 20%. The government has since reduced the tax threshold to 9% for opencast mines and 6% for underground mining operations.

In Zimbabwe, the government is forging ahead with a “use-it-or-lose-it” policy for land claims.

The policy allows the state to repossess idle claims and give these to other foreign investors. South Africa’s Impala Platinum unit in Zimbabwe, Zimplats, has been in a fight with the government over the takeover of 28,000ha of land — which constitutes half of its total in Zimbabwe.

Two other operators, ZimAlloys and Zimasco, have already had to cede half of their idle land claims to the state.

Tanzania this month introduced three new laws which allow the government to re-negotiate mine development agreements, control up to 16% free carried interest in all mining projects and increase royalties from 4% to 6%.

The Tanzanian government also wants to compel mining companies to increase local beneficiation of mineral resources.

At the heart of the issue are allegations by the Tanzanian government that London-listed Acacia Mining had underreported its gold production figures – thereby prejudicing the state of tax revenue.

Conflicting needs

Andrew Lane, the energy and resources leader for Africa at Deloitte, said the equitable split of the returns from resources between the investor, the government and the community remained difficult.

“These stakeholders all have conflicting needs and priorities, which make it very difficult to find the right balance.

“In Africa, the situation is exacerbated by our colonial history and the perception that our mineral resources have been plundered by foreign-owned companies over the years,” he said.

Tanzania’s Chamber of Minerals and Energy has been critical of the laws, which it said would have “material impact” and had been introduced at “short notice”.

The legislation, industry experts suggest, would put mining companies on the back foot — amid subdued global commodity prices and the possibility of Tanzania being perceived a risky investment destination.

“With such huge investments and long lead times before any revenue is seen from a mine, policy instability and uncertainty about how policy decisions are made worries investors,” said Tom Butler, the CEO of the International Council on Mining and Metals this week.

“The pathway out of poverty for many countries in Africa will depend on mining. But if these countries cannot attract investment, new mines will not be developed.”

Charter challenge

Policy instability is also evident at home.

Last week, Minster of Mineral Resources Mosebenzi Zwane agreed to suspend implementing the Mining Charter pending a judgment on an urgent interdict. However, this week he gazetted a proposal to impose a moratorium on the granting of new mining and prospecting rights, a move which the mining industry is challenging.

But any hope of catching a breather away from domestic challenges has been dashed.

JSE-listed AngloGold Ashanti and its two subsidiary units, Samax Resources and Geita Gold Mining, have been caught up in the showdown in Tanzania.

AngloGold Ashanti has turned to the UN Commission on International Trade Law for arbitration proceedings against the Tanzanian government, as it claims that Tanzanian


http://zimbabwe-consolidated-news.com/2017...s-up-in-africa/



--------------------
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 24 2017, 09:18 PM
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Posts: 5,448
Thanks: 2085


Philippines plans new law to ensure responsible mining
Reuters | 3 days ago

QUOTE
* Duterte says miners pay "too little" in taxes

* Duterte plans to meet miners, anti-mining advocates

* Duterte seeks "fair arrangement" to benefit people (Adds comments from mining executive, former minister)

Philippine President Rodrigo Duterte said on Friday the government will draft a new law for the country's mining industry, which he said pays too little in tax and not enough in compensation for any environmental damage.

The fate of more than half of 41 mines in the Philippines, the world's top nickel ore supplier, has been uncertain since February when then Environment Secretary Regina Lopez ordered their closure for causing environmental damage and violating laws.

Lopez led a 10-month industry crackdown until her dismissal in May by the Commission on Appointments following her mining orders, which included a ban on open-pit mining and a demand for a bigger government share in mining revenues.

She was replaced by Duterte's friend, former military general Roy Cimatu.

"I'd like to tell you frankly, we will come up with new legislation … we have to rearrange everything," Duterte said in a speech at a business conference in his home town, Davao City.

Duterte also said he would invite all industry stakeholders to the presidential palace for a dialogue together with former environment minister Lopez and other anti-mining advocates.

Duterte said he has always been supportive of Lopez's pro-environment stance but could not stop mining because there is a law that allows the miners to continue to operate.

He also complained that the taxes miners pay are "too low" and lamented the lack of compensation to mining communities that suffer from environmental damage.

The Philippines' No. 2 nickel ore producer, Global Ferronickel Holdings Inc welcomed Duterte's invitation, saying a dialogue will help clarify problems with mining.

But Dante Bravo, president of Global Ferronickel, said his company has been paying a lot of taxes already, including a 30 percent regular corporate income tax, a 5 percent royalty on mineral reservation and a 2 percent excise tax, both based on gross sales.

"You sum it up, it is so heavy," he told Reuters.

Duterte did not say when the meeting would take place but he said he planned to show industry stakeholders footage shown to him by anti-mining advocates, including Lopez, about the environmental destruction, as well as examples of good practices in mining.

"I will tell (them), look at the slides about good practices of mining, and I will ask everybody to focus on that," he said. "Then let's also look at the slides on mining gone awry."

He also urged mining companies to "come up with an arrangement that is fair to everybody."

Lopez, now an environmental advocate and TV travel show host, immediately thanked Duterte and said his "fearless stand" will help the country "see the light of day."

"I can assure you a green economy based on love (for the environment) will be much more dynamic and all-embracing than an extractive one based on greed and selfishness," Lopez said in a message to Duterte via a Facebook post. (Reporting by Enrico dela Cruz; Editing by Jane Merriman and Adrian Croft)

By Enrico Dela Cruz


http://www.mining.com/web/philippines-plan...onsible-mining/



--------------------
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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