Barrick Pledges More Investments in Tanzania
BARRICK Gold Corporation has assured continued cooperation with the sixth-phase government, especially in the mining sector for mutual benefits.
Barrick President and Chief Executive Mark Bristow informed President Samia Suluhu Hassan that his company is also ready to invest in other areas in the country.
Mr Bristow paid a courtesy call on President Samia yesterday at the Chamwino State House in Dodoma when they discussed various issues related to the performance of the Canadian firm and a joint venture, Twiga Minerals Corporation Limited.
Mr Bristow informed the president that his company was proceeding well in implementing the agreement it entered with the Tanzanian government in ensuring that both parties benefit from mineral resources.
He said his company has employed many Tanzanians and some of them are holding top positions as executive director, resident manager and head of finance.
Mr Bristow also noted that Barrick has improved environmental management at North Mara Gold Mine, including the system of treating water produced from the mining activities.
“Currently my company has enhanced cooperation with Tanzanians in provision of various services at the mine whereby an estimated 70 per cent of procurements are from Tanzania,” he said.
On her part, President Samia assured Mr Bristow that her government will continue to cooperate with the Barrick by implementing all that they have agreed with the aim of ensuring that mineral resources benefit both sides.
She expressed gratitude to the Barrick boss for his readiness to cooperate with her government in the fight against coronavirus pandemic.
Early last year, Tanzania and the Canadian company signed agreements that opened a new chapter in the country’s mining sector by granting the government ownership of 16 per cent of undiluted shares in the newly incorporated Twiga Minerals Corporation.
The government also took control of 16 per cent stake in each of the three Barrick mines managed by the Twiga Minerals Corporation— Bulyanhulu, North Mara and Buzwagi and the two parts agreed on sharing of future economic benefits from the mines on a 50/50 basis.
The agreements between the government and the Barrick, the second-largest gold mining company in the world follows successful negotiation between the two parties, which ended a tax dispute between the two parties and set a precedent for issuance of future mining licences.
The negotiations did not only lead to the formation Twiga Minerals Corporation, but also to payments of 250bn/- as compensation paid by Barrick Corporation out of 300 US dollars the company agreed to pay to settle all outstanding tax and other disputes.
The Head of State also pledged to ensure his government protects natural resources for the benefit of all Tanzanians.
In efforts to protect the country natural resources, and to have legal power over the matter, the government, through the Attorney General (AG), moved for amendments or enactments of laws to facilitate the process smoothly.
By Daily News.
