In a December 2018 deal, Freeport and Jakarta agreed that the miner would complete the smelter within five years.

The owner of McEwen Mining made his first investment in Goliath as recently as October 2.

Financing is composed of a $21 million net smelter return royalty over the Borborema project, and a $10 million gold-linked loan.

The new 21-year mine plan includes operational enhancements such as remobilizing idle haul trucks, opening additional mining faces, and accelerating stripping to access higher-grade ore.

North Mara mine has been named employer of the year at the 2023 Association of Tanzania Employers awards ceremony.

The trend underscores heightening uncertainty about growth prospects in the world's second-largest economy.

The industry is laying part of the blame on temporary permits known in Peru as Reinfo, a registry that allows informal miners to operate with some legal protections while they formalize operations.