Acacia Mining Share Discussion Threads

[redhill] 14/8/2017 15:43

stevea171

Yes and we all know what organisation wrote that article !

[redtrend] 14/8/2017 15:40

Copying and pasting the impartial Yves Engler again?

Yes indeed they are being slandered by the "press" (hardly call Yves the press), unless the court rules against ACA in these latest allegations. Or is it now guilty before being proven innocent?

of the tragic deaths you are politicising and passing judgement before a full impartial judgement is concluded:

a) how many tragically died from no interference by police or Acacia security but due to illegal mining and unsafe conditions?

b) how many died at police hands (Tz Government)

c) how many died at security contracted by Acacia and therefore arguably Acacia is liable

For a less hysterical account, maybe the Telegraph Business section is a better account: hxxp://www.telegraph.co.uk/business/2017/07/23/acacia-mining-faces-legal-claims-mine-site-deaths/

[ukgeorge] 14/8/2017 15:35

So I take it you don't hold any shares in this terrible company? (I heard the executives eat babies at the annual general meeting).

Do you vote Corbyn as well.......

[rhomboid] 14/8/2017 15:13

I think the concealment of the identity of the negotiating team from the TZ side is telling, to me it suggests that this a mugging not on behalf of the state but on the part of a few individual persons connected to the president. I've no ho,ding here but watch events as I used to hold Capital Drilling shares until this calamitous situation arose, Acacia are CAPDs largest customer

[stevea171] 14/8/2017 15:10

UKGeorge. No.

[stevea171] 14/8/2017 15:09

lefrene. Quite possibly. The difference is the Chinese are happy to work in partnership with a host country. Barrick/ACA have been too big for their boots, killing and injuring many locals, and with a Colonial mentality which is wholly inappropriate.

[atlantic57] 14/8/2017 15:07

Well Politicians of all skin colour and political colour do not think lomg term.
So i guess we will just see a war of attrition which will see a lose lose situation.

[ukgeorge] 14/8/2017 15:02

Steve171, are you short Acacia?

[lefrene] 14/8/2017 15:01

Except stevea171, the TZ people will see even less of the wealth from those mines if things revert to the Africa norms of tribalism/corruption and technical incompetence! Ends up with the Chinese coming in to run things, as they are doing for that awfully nice genius Mr Mugabe.

[stevea171] 14/8/2017 14:44

Atlantic. The agenda I believe is showing who is boss. Magufuli wishes to change the dynamics from Barrick/ACA running the show in TZ to the TG reasserting ownership rights and taking charge of their own resources, mineral wealth and mines. This will be a step by step approach:
1. weakening ACA financially and
2, 3, & 4. taking back it's resources & mines from ACA one mine at a time starting with Buzwagi.
It will take years but the resources and wealth always belonged to the TZ people and they will be returned the TZ people.

[stevea171] 14/8/2017 14:16

tomrob. The price of gold goes up and down. In the future gold is likely to be $2,000-10,000/oz. So mines are shut put on care and maintenance and in some cases later come back into production either because the economics have improved or new gold is discovered in the area. ACA has 3 mines in TZ. Two of them are involved in this dispute about copper/gold concentrate. Not just Buzwagi.

TZ is applying leverage to Barrick to recover lost taxation revenues over the past 20 years due to unfavourable licence agreements under previous governments that Magufuli means to remedy and much else besides. TG mine and resource ownership and control is central to his agenda.

[tomrob] 14/8/2017 13:49

I'm a little confused by the suggestion that negotations are to do with delaying as "the clock runs out on Buzgawi" or that the TG are trying to takeover Buzgawi. As far as I can see even before the dispute over concentrates and changing the laws governing foreign mining companies Buzgawi was slated to close (at least for mining operations) either late this year or early next year.

"Acacia's Buzwagi Gold Mine closure is nearer than expected as gold recovering rate dwindled considerably, hitting hard the revenues of Kahama municipality in Shinyanga Region.

Buzwagi's Acting Mining Manager, Rod Burgess, said they pushed back the mine closure to first quarter of 2018 since a tonne of ore produces less than one gram of gold. "We are currently trying to keep the mine running...by changing some mine sequence and equipment.

"Our internal plan is trying to recover, and stay within budget but it might prove difficult, from where we are to budget," Mr Burgess told journalists during a one-day tour of the mine.

The difficult the mine faces is the ratio of ores to gold produced dropped to one tonne to between 0.6 and 0.8 grams of gold. The sustainability and commercial mining rate is one-tonne to one gram of gold.

He said initially the mine closure was set to quarter one of next year but managed to extend the period to same quarter 2018.

Buzwagi, which is low grade mine, during initial exploration, was designed to last up to 15 years from 2007 to 2022 but current situation has brought back the closure date. Mr Burgess said should the current gold recovery rate continue mining activity stage to be stopped in less than two years."
- 3rd October 2016


"Acacia Mining is set to lay off about 100 people before the end of this year as the company plans to close down its Buzwagi Gold Mine in Tanzania.

An internal memo, released on May 15 quotes Buzwagi Gold Mine general manager Stewart Hamilton as saying that the company will stop the mining activities at the site in December this year while other plant processes will cease in 2020."
hxxp://www.businessdailyafrica.com/news/Acacia-Mining-to-lay-off-100-employees/539546-3933278-84f3a5/index.html - 19th May 2017

Could someone explain why keeping open or the posession of a virtually exhausted low grade mine might be at the heart of what's going on?

[redhill] 14/8/2017 13:35

I still believe that the concentrate at the docks is being re sampled and they are awaiting the results.
After all, the negotiations really revolve around this concentrate. If a mistake has been made by the first inspection team then TZ will need to back down.However if that is the case then i'm sure there will be a sweetener in the deal to provide a win win outcome.

[ukgeorge] 14/8/2017 13:26

The TG doesn't have a leg to stand on. The sooner they crawl down from these stupid accusations the better. The bulldozer Magufuli needs to find reverse gear or he has just destroyed the prospect of any inward investment.

The TG can not just ignore what Barrick are telling them which will no doubt be that even in Tanzania they have property rights. If the TG want to take it to international arbitration bring it on.

They are not poles apart. The TG are in the wrong and Barrick in the right.

[atlantic57] 14/8/2017 13:17

stevea agreed but what is the agenda here!

If the Tz Government wishes to takeover the mine for nothin they can !
However in the short term at least other companies will be wary of investing in tz, although in the scheme of things this may not be a big deal!

[stevea171] 14/8/2017 11:06

More than likely the 'talks' ended a long time ago with no resolution.

Most likely there was agreement for both sides to provide certain additional information before a second round at a future date. This being all part of the charade by the TG of holding 'talks' but playing for time to end September when the clock runs out on Buzwagi.

What's also clear is that Barrick's stuffing the 'talks' with approx 10 of their top execs in an attempt to blow the TG out of the water with facts, figures and collective force didn't work because the TG was well aware this would be one of their tactics and was neutralized by not paying attention to anything except their own demands.

In other words the 2 sides were poles apart before the 'talks' with nothing resolved in the 'talks' because they may as well be speaking 2 different languages.

[stevea171] 14/8/2017 09:22

Barrick have been "talking" with unidentified TG officials apart from Prof Kabudi for more than 2 weeks now with no result and no announcement. Anyone smell a rat yet?

The Citizen (Dar es Salaam)
Tanzania: Puzzle of Anonymous Tanzanian Negotiators in Talks With Barrick
By Athuman Mtulya 2 August 2017

Dar es Salaam — As talks between the government and Barrick Gold Corporation over a mining dispute enter their third day today, the names of Tanzanian negotiators have yet to be made public.

The only known and visible face of the local team is its leader, Prof Palamagamba Kabudi, who is also the Minister of Constitutional and Legal Affairs.

Prof Kabudi's stewardship was confirmed on Monday in a statement released by State House in Dar es Salaam announcing commencement of the talks.

Prof Kabudi's role was almost certain from the time he was tasked with drafting and tabling sweeping new mining and natural resources exploitation legislation, which was passed recently by Parliament.

What is puzzling, however, is the lack of information as to who else, other than Prof Kabudi, is in the team negotiating with Barrick.

Questions abound as to why the government is reluctant to reveal the identities of the people it has entrusted with the Herculean task of championing Tanzanians' interests in talks with the mining giant.

It is worth noting that images of Barrick's contingent comprising about a dozen members have been circulating widely, unlike those of the Tanzanian team.

The images, including video clips recorded during the closed-door meeting, all showed Barrick members, but not the Tanzanians. Prof Kabudi was shown escorting the delegation alone after the first day of talks. He has also given short interviews, but has never revealed who he was working with.

Efforts by The Citizen to reach State House and Prof Kabudi to explain why the identities have been kept under wraps did not bear fruit yesterday. However, State House spokesperson Gerson Msigwa was quoted saying Tanzanians should not be worried.

He said there was nothing sinister about withholding the names, adding that all would end well under Prof Kabudi.

Mr Msigwa's assurance notwithstanding, speculation was rife about why a tight lid had been kept on the local negotiating team.

The Barrick team is led by a former British Special Air Service Commander, who is also the company's chief operating officer (COO), Mr Richard Williams.

A political and diplomacy analyst, who asked not to be named due to the sensitivity of the matter, said the decision not to identify members of the Tanzanian team showed that there was tension and pressure over the matter within the government.

"Indeed, it is a serious issue, but that doesn't warrant such secrecy. Details of the negotiations at first might be a secret, but we all know what the problem is and how we got to this point.

"This shroud of secrecy shows, among other things, that there's tension within the government. The negotiators up to this point are already known to the Barrick team, so one would wonder why they are being hidden from Tanzanians who have every right to be told who their ambassadors on this important mission are," he said.

But political science lecturer at the University of Dar es Salaam, Mr Richard Mbunda, said there could be concrete reasons for keeping the identities of Tanzanian negotiators secret.

He said while Tanzanians had every right to know who their representatives were, it was understandable why the government would want to withhold their identities.

"This is a very serious issue, we're talking about a multi-billion dollar dispute...a lot is at stake here. The moment you make the names public you will be putting them under intense public scrutiny, especially on social media.

"They could come under intense public pressure and be distracted," said Mr Mbunda.

He was also of the view that the government might not want to disclose their details in order to minimise the possibility of manipulation.

"We're dealing with one of the biggest multinational companies here, and we know how good such people are in advancing their agenda. They might be mingling with our negotiators, but they know little or nothing about their lives outside the conference room, and that could help a great deal."

President John Magufuli said earlier in the year that the leader of one of the committees he appointed to investigate alleged massive fraud in the export of mineral concentrate was approached and asked to doctor the findings.

He warned those who were intent on interfering with the investigations to keep off as they were being monitored.

[edjge2] 11/8/2017 14:02

price anticipating positives on monday almost £2

[redhammy] 10/8/2017 17:25

I'm also back in & looking for £2+

[1corrado] 10/8/2017 13:49

I am back in at 184.50 we shall see still no RNS ????????????????????

[edjge2] 10/8/2017 11:57

Best not out of this. Small recovery after my reentry.
TZ driving a hard bargain. Monday likely but...
Gold banging against 1280. Bounce back off 1300?

[edjge2] 09/8/2017 19:11

May buy in again after stoppage. 180-185 would be nice. what do I sell though.