Barrick Gold Emerged as the Largest Contributor to Tanzania's Revenue

SEATTLE (Scrap Monster): Barrick Gold Corporation has been recognized as the largest contributor to Tanzanian government’s revenue during the previous year. This further reiterates the company’s position as a key partner in the overall socio-economic development of the country.

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According to Mark Bristow, President and CEO, Barrick Gold, the company has made investments totalling to $1.995 billion in Tanzania, since its takeover of North Mara and Bulyanhulu in September 2019. During the initial six-month period of the year, it has paid $158 million in taxes, royalties and levies and $42 million in distributions to the Tanzanian government. In addition, it has made payments of $210 million to local suppliers. Also, the company has recently paid $140 million of its $300 million settlement with the country’s government.

Upon takeover of the mines, the company has transformed them from being a moribund burden on the government and investors through thorough redesign and re-engineering efforts. As of now, the mines are capable of producing at least half-a-million ounces of gold per annum for more than a decade.

The company press release noted that local now account for 96% of the workforces of the two mines. Also, 64% of the senior management are Tanzanians. The mines have also offered increased employment for women.