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Tanzania: Barrick Gold to sell 16% of its three mines to govt. & share half of the revenue to ensure locals benefit from mining

Barrick Gold has agreed to sell a 16 per cent stake in three mines in Tanzania to the government and share 50 per cent of the revenues from the mines.

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23 October 2017

Mining agreement with Barrick Gold giving more revenue to govt. to be used as a benchmark to ensure Tanzania benefit from natural resources

Author: Allan Olingo, The EastAfrican (Kenya)

"Tanzania sets stage for review of mining agreements after Acacia deal"

Tanzania is hailing the agreement it signed with Barrick Gold, the owners of Acacia Mining, as a reference point for other African countries struggling to get the most from their natural resources in the face of lopsided contracts entered into with multinationals. The agreement marks a win for President John Magufuli who since the beginning of the year has resolutely pushed through changes to laws governing the extractive industry convinced that, despite the risk of provoking investor flight, they needed urgent reform in order to benefit the country.

“I would want to see all other gold mining firms follow suit and append (signatures) to this kind of agreement. The same goes for diamond and tanzanite. Those who don’t want can leave. We would like to see Tanzania benefit more from its resources and such agreements will guarantee that,” President Magufuli said in a statement after Barrick Gold agreed to cede substantial proceeds from mineral sales to the government.

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23 October 2017

Tanzania to own 16pc stake in Acacia's three gold mines

Author: Hellen Githaiga, The EastAfrican (Kenya)

"Tanzania to own 16pc stake in Acacia's three gold mines"

Barrick Gold has agreed to sell a 16 per cent stake in three mines in Tanzania to the government. The company also agreed to share 50 per cent of the revenues from the mines. Barrick's chairman John Thornton made the announcement at a news conference at State House Dar es Salaam on Thursday after a meeting with President John Magufuli and government officials. The mines -- Bulyanhulu, Buzwagi and North Mara -- are operated by Barrick's Acacia Mining, where it holds a 64 per cent stake. The Canadian miner has also agreed to pay $300 million as a show of good faith after it was slapped with a $190 billion tax bill for alleged underdeclaration.

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