African Barrick Gold Could Close Tanzanian Mine

Frequent robberies and a proliferation of small arms in the Great Lakes region may lead African Barrick Gold (LSE:ABG) to close the Tulawaka Gold Mine, reported AllAfrica.com.

As quoted in the market news:

[Mr Philbert Rweyemamu, Tulawaka Gold Mine General Manager], noted that frequent armed robberies at the mine were a big concern leading the company to incur huge losses. “We have been experiencing an increase of armed robberies often disrupting operations of the company,” he said.

The General Manager disclosed that Tulawaka Gold Mine will soon wind up its operations and hand over to the State Mining Company (STAMICO).

Read the full news story on AllAfrica.com