Barrick Gold - CEO, Mark Bristow
CEO, Mark Bristow
Source: Bloomberg
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  • Barrick Gold Corporation (ABX) will invest $70 million to support its Tanzanian mine communities development and infrastructure
  • The company will pledge $6.00 per ounce of gold sold from its Tanzanian mines to support local healthcare, education, and clean drinking water accessibility
  • North Mara and Bulyanhulu are Barrick’s two producing gold mines operating in Tanzania
  • Barrick claims it has spent more than $1.9 billion to the country’s local businesses
  • Barrick Gold Corporation (ABX) is down 0.95 per cent trading at $26.12 per share as of 11:48 a.m. ET

Barrick Gold Corporation (ABX) has announced a $70 million investment to support the development and infrastructure of Tanzanian mine communities.

It also stated it would pledge $6.00 per ounce of gold sold from its Tanzanian mines to support local healthcare, education, and clean drinking water accessibility.

Second to agriculture, the mining industry is one of the primary industries generating Tanzania’s economy. North Mara and Bulyanhulu are Barrick’s two producing gold mines operating in Tanzania.

“North Mara has been redesigned as an integrated underground/open pit mine, and Bulyanhulu has been resurrected as a long-life underground mine… Together they are expected to produce more than 500,000 ounces of gold per year at the lower end of the cost spectrum,” Mark Bristow, President and CEO of Barrick, said.

This is in connection to an agreement between Barrick and the Tanzanian government, which also secured their Twiga joint venture. Twiga administers an even 50/50 split of the economic benefits generated by the mines. The company said it had given the Tanzanian government $140 million of the $300 million settlement.

Barrick claims it has spent more than $1.9 billion in taxes, salaries, and payments to the country’s local businesses during the past two years. It reported that 73 per cent of the mines’ products are sourced locally, and Tanzanian nationals are given priority for employment.

According to the 2020 census done by the Tanzania National Bureau of Statistics, there has been a steady growth in the education system’s student enrollment. However, teacher training has taken a downward dip showing that it may not be able to keep up with the system’s needs yet.

Barrick Gold Corporation (ABX) is down 0.95 per cent trading at $26.12 per share as of 11:48 a.m. ET.

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