Barrick recognised as key socio-economic partner to Tanzania

Barrick Gold Corporation has been recognised as the largest contributor to government revenue in 2021, confirming its position as a key partner in the socio-economic development of Tanzania.

President and chief executive Mark Bristow said that since the company took control of North Mara and Bulyanhulu in September 2019, its total in-country investment has totalled $1.995 billion1. In the first half of this year, it has paid $158 million in taxes, royalties and levies, $42 million in distributions to the Government of Tanzania in the form of dividends and shareholder loans as well as $210 million to local suppliers. It has also
now paid $140 million of its $300 million settlement with the government.

“When we took over these mines they were a moribund burden on the government and their investors. In a very short time, we redesigned and re-engineered them, creating what are in effect two new mines. They are well placed to deliver their annual production guidance and have the potential to achieve a combined Tier One2 status in Barrick’s portfolio, meaning that they are capable of producing at least 500,000 ounces of gold annually for more than 10 years at the lower end of the cost spectrum as a combined complex,” Bristow said.

In line with Barrick’s policy of local employment, Tanzanian nationals now account for 96% of the two mines’ workforces and 64% of their senior management are Tanzanians. The mines are also driving the increased employment of women in a traditionally male-dominated industry through targeted recruitment and development programs.

Barrick has committed $6 for every ounce of gold sold by the two mines to improving healthcare, education, infrastructure and access to potable water in their communities. A further $70 million has been allocated to investment in value-adding national projects, including mining related training and scientific facilities at
Tanzanian universities.

During the past quarter Bulyanhulu was named the overall winner of the Tanzanian OSHA (Occupational Safety and Health Authority) award for 2022 while North Mara received the award for the best community health outreach program.

“We are continuing to replace resources depleted by mining and we are targeting new opportunities as well, increasing our footprint around Bulyanhulu through the acquisition of six highly prospective licences. We’re also updating the geological models in the North Mara region and identifying potential targets elsewhere in Tanzania” concluded Bristow.