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Fuel scam in Tanzania hits African Barrick Gold share price

Discussion in 'Biashara, Uchumi na Ujasiriamali' started by Invisible, Oct 15, 2010.

  1. Invisible

    Invisible Admin Staff Member

    #1
    Oct 15, 2010
    Joined: Feb 11, 2006
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    Shares in African Barrick Gold dived more than 10 per cent after it discovered an 'organised and systemic' fuel theft at a mine in Tanzania.

    The FTSE 100 index firm suspended 60 staff and a number of contractors after if found criminal gangs had 'widely infiltrated' the Buzwagi mine.

    The reduction in the workforce forced the miner to cut its production target for the second time in three months. Shares crashed as low as 557.5p before closing down 58.5p at 565p.

    [​IMG]
    Gold theft: Criminal gangs has 'widely infiltrated' the Buzwagi mine

    African Barrick Gold has lost more than 15 per cent of its value since the shares peaked at 669p in June.

    'Despite the short-term impact on production, these actions were necessary to maintain the integrity of the operating environment at Buzwagi,' said chief executive Greg Hawkins.


    Source: Fuel scam in Tanzania hits African Barrick Gold share price | Mail Online
     
  2. M

    Malembeka Shija Member

    #2
    Oct 15, 2010
    Joined: Aug 25, 2010
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    It just shows how this country is occupied by thieves.ukitaka kujua kuna wizi nchi hii basi kunya ndani ya mfuko wa rambo halafu ufunge vizuri na utege sehemu then uone unavyopitiwa kama kipanga
     
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