Fuel theft leads to cut in ABG production target
Friday 15 October 2010
African Barrick Gold cut its output target for the second time in three months yesterday, after it revealed a large-scale theft of fuel at a mine in Tanzania.
The group, which listed in London in March, said annual production would now reach 716,000 ounces, down from a previous estimate of between 750,000 and 800,000. African Barrick Gold's shares closed the day down 9.5 per cent at 564p.
The company said it discovered that a criminal syndicate had infiltrated its Buzwagi mine and was stealing fuel there. It has suspended 60 employees and contractors, about 40 per cent of the mining staff at the site.
"Despite the short-term impact on production, these actions were necessary to maintain the integrity of the operating environment at Buzwagi," the company said.
Yesterday's amended production target comes after the company was forced to revise its target down from between 800,000 and 850,000 ounces in July.
- 1 Cyclist who knocked down three-year-old girl says his life has been 'destroyed'
- 2 A politically correct lefty goes to see Top Gear live – you'll probably believe what happened next
- 3 Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
- 4 Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
- 5 Snoop Dogg on why he doesn't regret displaying misogyny towards women
Cyclist who knocked down three-year-old girl says his life has been 'destroyed'
Woman accidentally shoots herself in the head while posing for a selfie
How China's richest man Li Hejun lost $15bn in an hour - and made a fortune
Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Snoop Dogg on why he doesn't regret displaying misogyny towards women
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...