Browsing: Barrick Gold Corporation

Mining in Tanzania

Barrick Gold Corporation—one of the world’s biggest gold miner, has delivered its first tranche $100 million of the $300 million settlement agreed with the Tanzanian government, regarding the disputes it inherited from Acacia Mining.

According to the miner’s statement, the company’s President and chief executive Mark Bristow, these were landmark events that demonstrated the strength of the partnership the company forged earlier this year through the formation of the jointly owned Twiga Minerals Corporation, which oversees the management of Barrick’s operations in the country.

“This is a striking example of what a true partnership can achieve in building a sustainable business capable of creating long-term value for all stakeholders,” he said.

The settlement tranche originates from the 2017 dispute, where Acacia Mining (Barrick’s subsidiary, taken over last year) was found to be violating several operating procedures, forcing the government of Tanzania to ban the exportation of concentrate.

Hence, the dispute …