Barrick Gold Declared Major Investment Plan in Tanzania

SEATTLE (Scrap Monster): Barrick Gold Corporation announced its commitment to Tanzania and its communities by deciding to spend $6 for every ounce of gold sold by its mines in the country. The spending would focus on improving healthcare, education, infrastructure and access to potable water.

According to Mark Bristow, President and Chief Executive Officer, Barrick Gold, the above is in line with the conditions outlined in the company’s framework agreement with the government, which also mentions establishment of Twiga joint venture project. The investment program is the latest evolution of the company’s successful partnership with the Tanzanian government, he added.

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Apart from the above, the company has also committed to invest around $70 million in value-adding national projects, including mining-related training, skills development and scientific facilities at Tanzanian universities, as well as road infrastructure.

Barrick Gold operates two mines-North Mara and Bulyanhulu, which were taken over by the company in 2019. Together, these mines are expected to produce more than half-a-million ounces of gold per year at the lower end of the cost spectrum.

The company has paid more than $1.9 billion in taxes, salaries and payments to local businesses over the past two years. Also, it has paid the government $140 million in settlement.