Barrick, Glencore expect to get licence for Tanzanian project
TORONTO – Executives at Barrick Gold and Glencore expect to receive a new licence for their joint venture Kabanga nickel project in Tanzania, having held “productive” talks with the government during the past several months, Barrick said Sunday.
Under changes to Tanzania’s mining license structure put into place in January, Barrick and Glencore have applied for a prospecting license to replace the retention license they previously held on the undeveloped project. The retention licence was due to expire in 2019, and the new license would be good for four years, Barrick spokesperson Andy Lloyd said by email.
“Glencore and Barrick expect to receive a Prospecting License and look forward to continuing the constructive relationship that exists with both the Government of Tanzania, and the communities in the area of the project,” Lloyd said.
Reuters reported earlier that Tanzania revoked a retention licence for the Kabanga nickel asset, as well as ten other retention licences for nickel, gold, silver, copper and rare-earth exploration companies.
Retention licenses act as placeholders for mining companies that want to hold the rights to a deposit, even if they are not planning to immediately develop it.
Under President John Magufuli, Tanzania has been overhauling its mining regulations in an effort to reap greater economic benefits. Barrick’s majority-owned Acacia Mining has been hit hard by the changes – which included a $190-billion tax bill – and has said it would consider selling a stake in some, or all, of its gold mines in Tanzania. Last month, Acacia said first quarter gold production fell 55%.
Other African nations are also seeking to redraw historic mining agreements. Last week, Toronto’s Kinross Gold became the latest miner to be hit by the possibility of regulatory changes in Ghana and Mauritania. Earlier this year, Vancouver-based First Quantum Minerals was slapped with a $7.9-billion tax assessment by Zambia. Glencore has been dealing with a dispute over a new mining code in the Democratic Republic of Congo.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation