10:18:39 EDT Sat 20 Apr 2024
Enter Symbol
or Name
USA
CA



Barrick Gold Corp
Symbol ABX
Shares Issued 1,164,669,608
Close 2015-01-09 C$ 13.04
Market Cap C$ 15,187,291,688
Recent Sedar Documents

Globe says Zambian election brings hope to Barrick, FQM

2015-01-12 09:39 ET - In the News

Also In the News (C-FM) First Quantum Minerals Ltd

The Globe and Mail reports in its Monday edition Zambia is under mounting pressure to reverse a royalty hike that could trigger thousands of layoffs at a copper mine owned by Barrick Gold, but a rollback is unlikely until after an election this month. The Globe's Geoffrey York writes trade unions, business groups and opposition politicians are pressing for a reversal of the sharp increase in the royalty rate on open-pit mining in Zambia. At least 12,000 jobs are in jeopardy across the mining sector in Africa's second-biggest copper-producing nation. Under the new tax regime, which took effect on Jan. 1, the royalty on open-pit mining has tripled to 20 per cent, up from 6 per cent. Barrick and First Quantum Minerals are among the Canadian mining companies that will be heavily affected by Zambia's higher royalty rates. Barrick has announced that it will suspend operations at its Lumwana copper mine, which employs 4,000 workers, and will idle the mine by June. Nevers Mumba, leader of one of Zambia's biggest opposition parties, has promised to slash the royalty rate if he wins the presidential election. The royalty hike has also been criticized by a wide range of groups, including the World Bank.

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