African Barrick suspends Buzwagi employees
- Publishing Date
- 14 Oct 2010 10:33am GMT
- Mining Journal
Following the announcement, African Barrick fell by more than 10% on the London market, the company’s biggest drop since listing earlier this year.
African Barrick said: “Investigations into this matter indicate that criminal fuel theft syndicates have widely infiltrated our mining department.” The employees suspended represent more than 40% of the mining department.
The company estimates the delay caused to the mining of higher-grade ore by the incident will reduce full year production at Buzwagi by about 30,000oz.
“Management initially expected to recover this production over the remainder of the year. However, the time frame to bring in replacement operators was delayed,” the company said.
African Barrick's overall production for the year is now expected to be comparable to that achieved in 2009, which was 716,000oz. It was previously expected production would be in the range of 750,000-800,000oz.
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