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Barrick Gold Corp
Symbol ABX
Shares Issued 1,164,669,708
Close 2015-02-24 C$ 15.70
Market Cap C$ 18,285,314,416
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FP/wire say Zambia tells Barrick it will keep mine open

2015-02-24 07:07 ET - In the News

The Financial Post reports in its Tuesday edition Zambia's President said on Monday his government would not allow mining jobs to be lost at Barrick Gold's copper mine after workers went on strike to protest its announced closure. A Reuters dispatch to the Post says Zambia in January hiked mineral royalties for open pit operations to 20 per cent from 6 per cent, prompting Barrick to say it would suspend operations at its Lumwana copper mine, which supports nearly 4,000 direct jobs. In a statement, President Edgar Lungu suggested one measure to be explored could be to find a new partner to jointly run the mine with the government if Barrick closed it. The newly elected President said the mine should remain open and that he would "not allow a single mining job to be lost." Zambia's tussles with miners come when copper is near 5-1/2 year lows and economic growth in Africa's second-biggest copper producer is faltering. Zambia's Chamber of Mines warned in December the new royalties would result in shaft closures and 12,000 job losses. More than 2,000 unionized workers at Lumwana stopped work on Monday demanding to know what will happen to them when the company closes the business.

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