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Magufuli To Receive $40 Million From Gold Miner As Tax Fines Instalment

Magufuli To Receive $40 Million From Gold Miner As Tax Fines Instalment

Tanzania will receive about $40 million from Barrick Gold Corp. on October 13 as part of a payment settlement with the company..

Barrick Gold’s dispute with Tanzania dates back to March 2017, when the country banned the export of concentrates. Tanzania also hit the company with US$190 billion in fines and allegedly unpaid taxes in July 2017, stemming from a presidential committee’s findings that alleged Acacia owed the government for under-reporting gold and copper levels in its concentrate exports.

Following protracted negotiations, parties agreed to $300 million to settle outstanding tax and other disputes, the lifting of a concentrate export ban, and the sharing of future economic benefits from mines on a 50-50 basis,

In May 2020, Tanzania Mining Minister announced that the company had paid $100 Million as the first tranche of the cash and the remaining $200 Million was expected to be paid in five annual instalments of $40 Million each.

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President John Magufuli will oversee the event, the ruling CCM party said in a statement.

It’s part of the $300 million settlement between Tanzania and Barrick Gold to end a tax dispute. Barrick Gold paid the first installment of $100 million in May.

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