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Recent Sector News
Barrick Gold (TSE:ABX) (NYSE:ABX), the world’s biggest producer of the metal, said it will take steps to stop production at its Zambian operation after the southern African country increased mining royalties. The new tax plan, expected to go into effect on Jan. 1, eliminates corporate income tax, but imposes a 20 percent gross royalty on revenue without considering profitability, the Toronto-based company said in a statement today.
Coeur Mining (NYSE:CDE) says it has agreed to acquire Paramount Gold and Silver (NYSE:PZG) (TSE:PZG) in an all-share deal valued at about US$146 million, gaining access to the company's San Miguel project in Mexico.
Nevsun Resources (TSE:NSU) (NYSE MKT:NSU) said it has experienced a temporary halt in concentrate production at its Bisha mine in Eritrea following power supply issues at its third party plant.
Klondex Mines (TSE:KDX) (OTCQX:KLNDF) has signed another toll milling agreement for its Midas mill in Nevada, the second such agreement made since acquiring the asset in February.
Eagle Hill Exploration (CVE:EAG) (OTCQX:EHECF) has revealed that additional metallurgical testing indicates that up to 95.7 percent of gold at its Windfall Lake gold project in Quebec can be recovered using a standard flotation and cyanide leaching process.
Shares of Clifton Star Resources (CVE:CFO) tanked more than 20 percent after the company said the Quebec Superior Court has rejected its request for a safeguard motion regarding its rights in the Duparquet project option agreements.
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