{"id":985452,"date":"2018-09-06T15:32:41","date_gmt":"2018-09-06T15:32:41","guid":{"rendered":"http:\/\/juniorminingnews.com\/?p=985452"},"modified":"2018-09-06T15:32:41","modified_gmt":"2018-09-06T15:32:41","slug":"embattled-acacia-mining-lets-partner-up-stake-in-nyanzaga-gold-project-2","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=985452","title":{"rendered":"Embattled Acacia Mining lets partner up stake in Nyanzaga gold project"},"content":{"rendered":"

By Cecilia Jamasmie<\/a><\/span> <\/p>\n

Acacia Mining (LON:ACA), the Tanzanian gold producer dealing with an ongoing dispute<\/a> with the country’s administration, said Thursday<\/a> its project partner in the Nyanzaga gold project, Australia’s OreCorp (ASX:ORR), had secured government approval to increase its interest in the asset to 51%.<\/p>\n

The agreement, which will see OreCorp Tanzania invest $14 million to complete a pre-feasibility study and related work, leaves the door open for the Australian gold miner to increase its stake in Nyanzaga to 100%. This, said OreCorp<\/a>, will be done by paying Acacia a further $7 million at a future date.<\/p>\n

Upon completion of the deal, Acacia will retain a net smelter return production royalty over the project, capped at $15 million.<\/q><\/p>\n

Following completion of the deal, Acacia \u2014 Tanzania’s No.1 gold miner\u2014 will retain a net smelter return production royalty over the project, capped at $15 million.<\/p>\n

Acacia, 63.9%-owned by Barrick Gold (TSX, NYSE:ABX) owns and operates Tanzania’s three major mines \u2014 Bulyanhulu, Buzwagi and North Mara.<\/p>\n

The company has had to scale back operations in East African nation due to an ongoing ban on exports of metal concentrate, which represent about a third of the miner’s production.<\/p>\n

Since March 2017, when the ban on concentrates came into effect, the Barrick’s unit has faced a series of accusations, including tax evasion<\/a> and illegal operations<\/a>, which prompted authorities to question staff<\/a> and even block one of the firm’s senior executives<\/a> from leaving the country in one occasion.<\/p>\n

To make things worse, Tanzania’s President John Magufuli, served the company in July with a $190 billion tax bill<\/a>.<\/p>\n

Western Australian-based OreCorp has existing key projects across Africa \u2014 the Nyanzaga gold project in north-west Tanzania and the Akjoujt South nickel-copper project in Mauritania.<\/p>\n

The post Embattled Acacia Mining lets partner up stake in Nyanzaga gold project<\/a> appeared first on MINING.com<\/a>.<\/p>\n

…read more<\/a> <\/p>\n

From:: Mining.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Cecilia Jamasmie Acacia Mining (LON:ACA), the Tanzanian gold producer dealing with an ongoing dispute with the country’s administration, said Thursday its project partner in the Nyanzaga gold project, Australia’s OreCorp (ASX:ORR), had secured government approval to increase its interest in the asset to 51%. The agreement, which will see OreCorp Tanzania invest $14 million […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/985452"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=985452"}],"version-history":[{"count":0,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/985452\/revisions"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=985452"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=985452"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=985452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}