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.