Barrick Gold Ships Gold Concentrates From Tanzania

SEATTLE (Scrap Monster): Canadian gold mining giant Barrick Gold has reportedly begun shipments of gold concentrates out of Tanzania. This follows the historic mining deal signed between the company and the Tanzanian government earlier in January this year, further to settlement reached in October last year.

As per terms of the settlement, Barrick Gold had agreed to pay $300 million in settlement of outstanding tax and other disputes, in return for lifting the export ban on gold concentrates. The company had started shipping nearly 1,600 containers of gold and copper concentrate from the Bulyanhulu and Buzwagi mines in April. From the proceeds, the company had made initial payment of $100 million to the government, as per the agreement. Additionally, the company has to make five payments of $40 million each for the next five years.

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According to Barrick Gold, the presence of a joint committee has ensured transparency of the process. Furthermore, it has led to fair and prompt resolution of issues. The notable jump in gold prices since the signing of the agreement has significantly benefited the company. Incidentally, gold prices have surged nearly 9% since end-January this year. The partnership has been successful in building a sustainable business capable of creating long-term value for all stakeholders, said Mark Bristow, President and CEO, Barrick Gold.