By Osoro Nyawangah, MWANZA
Tanzania
Barrick Gold Corporation announced yesterday, it has committed up to $70 million (0ver 160 billion shillings) for investment in value-adding national projects, including mining-related training, skills development and scientific facilities at Tanzanian universities, as well as road infrastructure.
The world gold giant elaborated
that it would spend $6 for every ounce of gold sold by its two mines in the
country on improving healthcare, education, infrastructure and access to
potable water in the communities around them.
This is in accordance with the
conditions underlying Barrick’s framework agreement with the government, which
included the establishment of their Twiga joint venture.
Twiga oversees a 50/50 split
of the economic benefits generated by the mines as well as their management.
Barrick President and CEO, Mark Bristow said the investment program was the
latest evolution of the company’s very successful partnership with the
government.
“Since we took over the Tanzanian mines from their previous operator in 2019,
we have rebuilt relations with the state and renewed our social licence to
operate here. North Mara has been redesigned as an integrated
underground/open pit mine and Bulyanhulu has been resuscitated as a long-life
underground mine. Together they are expected to produce more than 500,000
ounces1 of gold per year at the lower end of the cost spectrum.”
He said.
Barrick has spent more than $1.9 billion in taxes, salaries and payments to
local businesses over the past two years. At least 73% of the mines’
goods and services are sourced locally and they give preference to the
employment of Tanzanian nationals.
Barrick has to date also paid the government $140 million of the $300 million
settlement included in the framework agreement.
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