That stock News

Last week, BGI revealed that he had discovered an organized fuel theft ring in its Buzwagi mine in Tanzania and was suspended or dismissed on 60pc staff. Buzwagi is one of the four mines that BGI operates in the East African country.

Society, registered in London in March and is still owned by its parent company Canadian Barrick Gold, 75pc said that production in the third quarter fell by 23pc 164,996 onces.recettes for the quarter fell 1pc 209 m $ (￡ 133 m) and earnings before taxes leaved proper $60. $9 65 m.6 m.

The lower levels of production caused cash expenses increased $ 615 per ounce for the quarter, mainly due to additional costs to Buzwagi 32pc. Year-round production should now be comparable to 716,000 ounces produced in 2009.

"We will overcome Buzwagi issues this year."They are a temporary setback, "said Greg Hawkins, Chief Executive." "" We took some fairly difficult decisions when it comes to the site and we have also introduced some fairly strong leadership.?

The company flew to new employees and is the formation of local workers. "Change management can offset the exodus of key personnel of the ABG and we are confident that the Group should begin with the best performance of the year, said John Meyer, a mining analyst said Fairfax broker.

Shares have remained unchanged 550 percent, lower than the flotation of 575 p.

View the original article here

Its price part sank 59? or 10pc, 564 p after the minor has admitted its employees tried to steal fuel in Tanzania.

The number of workers suspended is 40pc of its total workforce in key African mine.

African Barrick said output this year at the Buzwagi mine will fall by 30,000 ounces, it attempts to eradicate criminal behavior on the site.

"We recently discovered a flight fuel organized and systematic on-site, which affected production at Buzwagi," the company said in a statement Thursday.

"Investigation of this case indicates that fuel criminal theft unions heavily infiltrated our Department of mining."

"Despite the short-term production impact, these actions are necessary to maintain the integrity of the operating environment at Buzwagi."

The company already lowered its goal of producing 50,000 delays Tanzania mine.

African Barrick, which is the largest producer or registered in London, now sent 20 frames Buzwagi to help train a new team.

Society has become more important to float in London since before the recession when he spun yarn off the coast of the Canadian list Barrick Gold earlier this year.

Tanzania assets consisting of his former commerce 10pc parent and the company is currently valued at around ￡ 2 United.

African Barrick produces 716,000 ounces of gold in 2009 and 700 000 – 750 000 ounces in 2010 forecast production.

It had total reservations 16.8 m ounces at the end of 2009 and plans to produce 1 m ounces in four years.

The price of gold has set a new record Thursday, striking $1,376.9 per ounce for December delivery.

View the original article here