Barrick Gold Subsidiary Grabbed Highly Prospective Licenses in Tanzania

SEATTLE (Scrap Monster): Bulyanhulu Gold Mine Limited, a subsidiary of Barrick Gold, will acquire new prospecting licenses in Tanzania. The announcement to this effect was made by Twiga Minerals Corporation- the joint venture between Barrick and the Government of Tanzania.

According to company press release, Bulyanhulu has entered into a binding agreement with Barrick Gold Corporation, Tembo Gold Corp. and its subsidiary the Mineral Industry Promotion and Consulting Company Limited (MIPCCL) in connection with the acquisition of certain prospecting licenses. Accordingly, Bulyanhulu will acquire from MIPCCL a 100% interest in six prospecting licenses.

The licenses are located adjacent to the Bulyanhulu mine and the acquisition is expected to boost Barrick’s asset base in the African country.

Under the terms of the agreement, Bulyanhulu will pay $6 million as purchase price, in addition to certain other contingent payments. It will invest at least $9 million in the License Area over a four-year period following the closing of the transaction. The transaction is expected to close during the initial quarter of 2022, subject to approval of the TSX Venture Exchange, regulatory approvals in Tanzania and certain customary closing conditions.

Mark Bristow, President and Chief Executive, Barrick Gold said that the acquisition will open new growth opportunities in Tanzania, in partnership with the country’s government.