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Barrick Gold Corp
Symbol ABX
Shares Issued 1,164,669,708
Close 2015-04-23 C$ 15.34
Market Cap C$ 17,866,033,321
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Globe/wire say Barrick will continue mining at Lumwana

2015-04-24 08:47 ET - In the News

The Globe and Mail reports in its Friday edition Barrick Gold has called off plans to halt operations at its Lumwana copper mine in Zambia after the government softened a royalty-based tax system. A Bloomberg dispatch to The Globe quotes Barrick co-president Kelvin Dushnisky, as saying in reply to e-mailed questions, "While Lumwana still faces challenges, in light of the government's recent announcement we intend to continue operations at this time." Zambian President Edgar Lungu's cabinet on April 20 approved a 30-per-cent profit tax and 9-per-cent royalty due to start on July 1. While that is higher than the 6-per-cent sales levy of last year, it is a better outcome than royalties of 8 per cent for underground mines and 20 per cent for open-pit operations the government began charging in January. "We appreciate the leadership and engagement of President Lungu and the Government of Zambia on this matter," Mr. Dushnisky added. Other foreign companies running mines in Zambia include Glencore and Canada's First Quantum Minerals. Another foreign company, London-headquartered Vedanta Resources, said it would continue to lose money under the new tax regime. Barrick shares closed Thursday at $15.34, up 21 cents.

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