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  • Barrick Gold (ABX) has been recognized as the largest contributor to Tanzania government revenue in 2021
  • The recognition confirms the company’s position as a key partner in the socio-economic development of Tanzania
  • In the first half of 2022, Barrick has paid $158 million in taxes, royalties and levies
  • Barrick is one of the world’s largest gold producers, operating mines in North America, South America, Australia, and Africa
  • Barrick Gold Corp. (ABX) is down 0.94 per cent, trading at C$22.06 per share at 1:40 pm ET

Barrick Gold (ABX) has been recognized as the largest contributor to Tanzania government revenue in 2021.

The recognition confirms the company’s position as a key partner in the socio-economic development of the country.

Since the company took control of North Mara and Bulyanhulu in September 2019, its total in-country investment totaled $1.995 billion.

In the first half of 2022, Barrick has paid $158 million in taxes, royalties and levies. It paid $42 million in distributions to the Government as dividends and shareholder loans and $210 million to local suppliers. It has also 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 short time, we redesigned and re-engineered them, creating what is, in effect, two new mines. The mines are well placed to deliver their annual production guidance. It has the potential to achieve a combined Tier One status in Barrick’s portfolio.” said Mark Bristow, President and Chief Executive of Barrick Gold.

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

The company 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. It allocated a further $70 million to invest in value-adding national projects, including mining-related training and scientific facilities at Tanzanian universities.

Barrick is one of the world’s largest gold producers, operating mines in North America, South America, Australia, and Africa. The company segments consist of nine gold mines: Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali, Veladero, North Mara, and Bulyanhulu.

Barrick Gold Corp. (ABX) is down 0.94 per cent, trading at C$22.06 per share at 1:40 pm ET.

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