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Monday, November 19, 2018
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Acacia Mining slapped with huge tax bill as shares tumble

Acacia Mining slapped with huge tax bill as shares tumble
Gold miner Acacia Mining says it has received a tax bill that is four times the GDP of Tanzania where it operates, affecting its performance in the stock market. Acacia Mining’s shares fell for a sixth straight session on Tuesday in the wake of a...

Acacia Mining scales down Tanzania operations

Acacia Mining scales down Tanzania operations
International mining firm Acacia will scale down its underground work at its Tanzanian gold mine in the wake of a ban on exports of unprocessed ore by the government, the company said Monday. Acacia also said that it will lay off staff. And shares plummeted...

Tanzania releases damning report on diamonds mining

Tanzania releases damning report on diamonds mining
In summary Reports show deep seated corruption in diamonds mining in Tanzania It also reveals government officials' involvement in the scandal Some government officials have resigned over the report A parliamentary committee tasked to investigate diamonds mining in Tanzania in the central region of Shinyanga...

Zimbabwe’s mining sector is most attractive to investors

Zimbabwe's mining sector is most attractive to investors
Zimbabwe's mining sector is the most attractive investment area going by the number of applications with interest in the sector, statistics from the Zimbabwe Investment Authority (ZIA) has shown. Out of the 153 approved  investment proposals in the first 11 months of 2017, 57 of them...

Mining fails to attract more FDI to Africa -EY report

Mining fails to attract more FDI to Africa -EY report
In summary Mining sector accounted for just 6.2% of foreign direct investment (FDI) that landed in Africa last year. Capital investment was primarily driven by capital-intensive projects in real estate, hospitality and construction South Africa remains the continent’s leading FDI destination US continues to...

DRC mining code seeks to classify cobalt a strategic substance

DRC mining code seeks to classify cobalt a strategic substance
A proposed revision to the Democratic Republic of Congo’s (DRC) mining code could classify cobalt as a strategic substance, essentially resulting in a tax hike, Mines Minister Martin Kabwelulu has said. The new mining code has already been passed by the lower house and is...

Junior Nigerian firm wins African Mining Indaba contest

Upcoming Nigeria firm tops African Mining Indaba contest
Thor Exploration Limited a junior Nigerian mining firm has emerged winner of the 2018 Investment Battlefield organized by African Mining Indaba for their gold exploration project in the Southwest state of the country. The company was selected as the most promising of the 22 junior...

Mining, construction sectors boost Tanzania’s GDP

Mining, natural gas and construction sectors boost Tanzania's GDP
Tanzania's GDP grew 6.8 per cent year-on-year in the third quarter of 2017 compared to 6.2 per cent in the same period the previous year mainly supported by mining and gas, and construction sectors. Data from the National Bureau of Statistics shows that Tanzania's construction...

Kibo Mining signs MOU with TANESCO on Mbeya Coal Project

Kibo Mining signs MOU with TANESCO on Mbeya Coal to Power Project
Kibo Mining Plc (AIM:KIBO; AltX:KBO), has signed a Memorandum of Understanding with the Tanzania Electric Supply Company (TANESCO), for the Power Purchase Agreement (PPA) of the Company’s flagship 300MW Mbeya Coal to Power Project (MCPP). The MOU constitutes the precursor to the finalisation of the...

Kabila to meet miners over new DRC mining code

Kabila to meet miners over new DRC mining code
In Brief Country says previous DRC mining code favoured foreign investors at the expense of the economy The code seeks to hike taxes in major industry reforms DRC is Africa's leading copper producer and the world’s leading cobalt producer Democratic Republic of Congo President Joseph...
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