It is impossible to look beyond Acacia Mining Plc’s wranglings in Tanzania when considering which was the week’s biggest mining story.
Just days after the Tanzanian authorities slapped the miner with a S$190bn bill for unpaid taxes and penalties, on Friday it emerged that a senior employee was arrested at the airport and prevented from leaving.
The employee’s passport was seized and he was detained at the Dar-es-Salaam airport for a “period of time”, the miner said. He was released after legal intervention and his passport has been returned.
Government agencies have been adding pressure on Acacia’s staff in the past two days on allegations the mining company owes Tanzania royalties on undeclared exports of gold and copper concentrates from its Bulyanhulu and Buzwagi mines.
Anglo American
On Thursday, Anglo American PLC (LON:AAL) revealed it had rreturned to the dividend list six months earlier than expected and reported that its net debt has fallen to US$6.2bn, below a year-end target of US$7bn as it reported robust interim results.
The FTSE 100-listed miner posted a 68% jump in underlying earnings (EBITDA) for the six months to June 30 to US$4.1bn, up from US$2.5bn a year earlier and in line with analyst consensus forecasts.
The resumed dividend payment for the first half was set at 48 US cents per share, equal to 40% of the group’s first half underlying earnings, and it said that level would be its dividend policy target going forwards.
In the results statement, Anglo American’s chief executive Mark Cutifani said the benefits of the group’s "relentless focus on driving efficiency" had resulted in "a step-change in operational performance and profitability".
Greatland Gold
Greatland Gold plc (LON:GGP) said today it expects to complete the acquisition of the Havieron gold project in Western Australia from Pacific Trends Resources Pty Ltd by mid-August.
Ahead of the completion of the deal, Pacific Trends has been granted the exploration licence 45/4701 for the project. Greatland, which first announced the acquisition in September 2016, will pay AU$25,000 in cash and the issuance of 65,490,000 ordinary shares.
The company plans to begin a tightly-spaced gravity survey over the Havieron target in the fourth quarter that will be used to finalise the drill targets.
Antofagasta
On Wednesday, Antofagasta PLC (LON:ANTO) said its first-half production rose by 7.1% and the Chilean copper producer has kept its full-year cost and output guidance unchanged after talks to avert strike action at its mines.
The FTSE 100-listed company said full-year production was still expected to be between 685,000 and 720,000 tonnes, unchanged from a forecast from the beginning of the year, although output would be higher during the second half.
It also kept its forecast for costs unchanged, with cash costs before credits for by-products expected to be US$1.55 per pound and net cash costs of US$1.30 per pound.
Antofagasta’s CEO Ivan Arriagada said the company had continued its focus on improving efficiencies and savings and as mines had improved output, costs had fallen.
Amur Minerals
Amur Minerals PLC (LON:AMC) reckons it has added another three years of production at its giant Kun-Manie project in Russia - as it unveiled favourable drilling results from the Kubuk deposit there.
The results are from work between June 30 and July 21 this year, which aimed to drill gaps between the Kubuk and Ikenskoe/Sobolevsky (IKEN) targets, and to upgrade their existing resource to the more certain 'indicated' category.
Amur said the limits of the mineralisation have now been expanded by around 50% from the February 2017 resource model, which contained 14.5mln ore tonnes and 112,000 nickel tonnes (at 0.77%) and 30,000 tonnes of copper (at 0.20%).
It added that the newly defined mineralisation averaged around 14.3 metres (m) thickness per hole with average grades of 0.78% nickel and 0.20% copper.
Ferrum Crescent
Ferrum Crescent Limited (LON:FCR) told investors it has completed a programme of six holes at the Toral project in Spain, which all returned visually identified lead-zinc intersections, sending shares higher.
The work has led to the firm better understanding the structure of the deposit and it has now kicked off scoping and comparative studies as it begins the journey towards a pre-feasibility study, as well as efforts to expand the resource.
The results will now be included into a new model for the deposit.
"We shall now apply this new drilling data to the significant amount of historic information available on Toral, including the data recently obtained from Micon International as well as the core stored locally from the historic Lundin drill programme," said Justin Tooth, executive chairman.
Lionsgold
Lionsgold Limited (LON:LION) increased its shareholding percentage in Geomysore Services India Pvt Ltd, a gold company with a 361,000 ounce JORC compliant resource in Andhra Pradesh.
Geomysore has raised funds through the issue of 17,508 new ordinary shares at 1,300 Rupees per share, with the exchange rate set at £1:Rs84.
Two of the four largest shareholders, Lionsgold and Thriveni Earth Movers Pvt Ltd, took up 100% of the offering, marginally increasing their ownership percentages to 21.15% and 36.91% respectively.
Vast Resources
Vast Resources PLC (LON:VAST) shares ticked higher as it reported on a strong second quarter operationally and expects output from its mines in Romania and Zimbabwe to continue increasing.
At the Manaila polymetallic mine in Romania, where progress was notable, there was a 41% increase in the three months in the amount mined, compared to the previous quarter this year and a 57% increase in tonnes milled.
There was also a 57% increase in copper concentrate produced, to 828 dry tonnes, and a 19% increase in zinc concentrate produced to 157 dry tonnes.
At Pickstone Peerless in Zimbabwe, there was a recovery after the high rainfall in the first quarter, and there was a 33% increase in ore mined, 15% increase in tonnes milled and a 36% increase in gold production versus the first quarter.
Goldplat
A strong end to its trading year will mean gold recovery specialist Goldplat PLC (LON:GDP) posting underlying profits ahead of market expectations.
The published profits will include a £980,000 write-off for a project in Burkina Faso (Nyieme), but ignoring that the ongoing business had traded well said Gerard Kisby-Green, chief executive.
Production in the three months to June was 14,800 oz gold equivalent, with sales of 11,500 oz, and boosted by a one-off contract from a client in Africa.
Kibo Mining
Kibo Mining PLC (LON:KIBO) told investors it has concluded a “very successful” second round of follow-up meetings with Tanzanian government departments and Tanzanian stakeholders regarding the proposed Mbeya Coal to Power Project (MCPP).
The company noted that the completion of a special mining right application remains on course, along with environmental certification, but, other milestones were reached as a result of the latest phase of meetings.
“Development of the MCPP is currently advancing on all levels and we are optimistic that this trend will persist going forward,” said Louis Coetzee, Kibo chief executive.
He added: “We are very pleased with progress on the MCPP over the past six weeks and particularly pleased with the significant increase in momentum over the past three weeks.”