- Africa must own carbon offsets value chain amid market failures
- IFAD’s innovative finance plan for climate-resilient farmers in East Africa
- Opportunities for South Africa in becoming the medical tourism hub of the SADC region
- Acquisitions that reshaped Zimbabwe’s banking sector in 2023
- The developed world’s broken promises: How can Africa finance the energy transition?
- Global and African partners pledge $175m to Alliance for Green Infrastructure in Africa
- UAE’s Masdar to develop 150MW solar plant in Angola to power 90,000 homes
- Intra-African Trade Fair exceeds targets with $43.8 billion deals signed
Browsing: North Mara
Barrick Gold, the New York Exchange-listed mining company with deep business ties in Africa, has once again ignited strong business prospects in Tanzania’s mines—one of East Africa’s nation endowed with abundant minerals.
Within its statement, provided on Thursday, January 28, 2021, the miner stated that its mines in Tanzania are revived and performing well, this comes after Barrick gold resolved laid disputes raised by the government and ushered new dawn of partnership in the profitable sector.
“The North Mara and Bulyanhulu gold mines both produced near the top end of their production guidance in 2020, their first full year under Barrick’s management. Including Buzwagi, the Tanzanian assets delivered a combined output of 462,472 ounces for the year” the statement read in part.
Road to ignition of business
Barrick—the world second-largest gold miner took over Acacia mining and went through a rather historic path to secure business in Tanzania, after rather …
The Government of Tanzania and Barrick Gold entered into a partnership last year, and created a new joint venture, Twiga Minerals Corporation.
Barrick Gold’s one-year-old partnership with the Tanzanian government marked new ground as the Canadian miner was awarded 10 new exploration licenses this year and subsequently plans to spend $8 million on exploration, Barrick’s president and chief executive Mark Bristow said during a recent press briefing.
According to Barrick, the North Mara mine—which was at the centre of scrutiny by the Tanzania government is now “re-energized and ahead of plan in the year to date and Bulyanhulu has resumed underground mining operations and is scheduled to restart processing of underground ore by the end of 2020 as a long-life underground mine”.
All of these affairs operate under the new joint venture named—Twiga Minerals Corporation, in charge to oversee three gold mines, Bulyanhulu, North Mara and …
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 …
The large-scale mining industry in Tanzania just got interesting.
On October 20th, the government of Tanzania and the mining companies previously managed by Acacia Mining, but now managed by Barrick Gold Corporation, strike a new partnership, to settle all disputes, which saw major reforms in the sub-sector in the past 3 years.
According to the government of Tanzania, the agreements have been submitted to the Tanzanian attorney general for review and legalization.
The new partnership comes, after—Acacia (now Barrick Gold), Tanzania’s largest gold producer was cleared by the Magufuli government and resumed its metal concentrates exportation after a series of regulations led by The Mining Commission of Tanzania Ministry of Minerals that impeded the export of the mineral.
Further, according to Barrick Gold, the terms of the agreement include payment of $300 million to settle all outstanding tax and other disputes; the lifting of the concentrate export ban; the sharing …
For over 20 years, Acacia and its forerunner mining companies including African Barrick Gold, Barrick Gold, Placer Dome, Pangea Minerals and Afrika Mashariki have been operating in Tanzania in three gold mines, Bulyanhulu, Buzwagi and North Mara, found in the north-west region of Tanzania.
Acacia-Tanzania’s largest gold producer was recently cleared by the Magufuli government and resumed its metal concentrates exportation after a series of regulations led by The Mining Commission of Tanzania Ministry of Minerals that impeded the export of the mineral.
In a press release published by Acacia on 15th August, export permits are now received by Acacia that noted to have missed 30 percent of sales since the ban went live.
Despite the latter, Acacia and Tanzania could mutually benefit form the mining industry which has grown by 10 percent in the first quarter, according to Tanzania’s National Bureau of Statistics (NBS) 2019 first quarter highlights.…
Acacia Mining Plc has registered a 13 per cent fall in gold production for the first quarter of 2019, attributing the decline to lower output at its North Mara and Buzwagi mines.
The company`s Interim CEO, Peter Geleta said in a statement accompanying the quarterly report that gold production stood at 104,889 ounces , with ounces sold for the quarter standing at 104,985 ounces and in line with production.
Production in the first quarter was affected by unanticipated production issues at North Mara, which produced 66,324 ounces of gold for the quarter, cited as a 14 per cent year-on-year decrease.
The lower output was mainly driven by the consequence of a fall of ground in the Gokona underground mine in December, as well as an excavator breakdown in the Nyabirama open pit.
The fall of ground at Gokona prevented access in the quarter to two higher-grade stopes in the east, …