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Tanzania pockets barrick first settlement tranche from Barrick

Christian Fernsby ▼ | June 2, 2020
Barrick Gold Corporation 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.
Tanzania Barrick
Settlement   Tanzania Barrick
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.

Topics: Tanzania Barrick

"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.

"I congratulate Barrick for implementing our agreement and call upon other mining firms to emulate the move in ensuring a win-win situation," said the Minister for Finance and Planning Dr Philip Mpango who received a dummy cheque from the company's representatives, according to information from The Citizen.

Further, Barrick's statement also indicated that "In terms of its framework agreement with the government, the shipping of some 1,600 containers of concentrate stockpiled from Bulyanhulu and Buzwagi resumed in April and the first $100 million received from the sale has gone to the government. Barrick said all material issues had been dealt with or were being finalized. This initial payment will be followed by five annual payments of $40 million each".