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Tanzania: President Samia, Mogul Mark Bristow Meet To Review Mining Deal

Barrick oversees the management of its assets in Tanzania through Twiga Minerals Corp, a joint venture formed in 2019 between the company and the government of Tanzania.

Tanzanian President Samia Suluhu Hassan and Barrick Gold Corp top boss Mark Bristow met on Wednesday to review progress at the Canadian miner’s operations in the African country, a meeting that Bristow called “highly constructive”.

Barrick oversees the management of its assets in Tanzania through Twiga Minerals Corp, a joint venture formed in 2019 between the company and the government of Tanzania following a deal to settle a long-running tax dispute between the parties.

Twiga Minerals manages the Bulyanhulu, North Mara and Buzwagi mines in Tanzania.

“We see the potential for more world-class gold discoveries here, but in order to achieve exploration success, we need to keep turning over our licences and assessing new ground,” Bristow said in a statement.

The process of acquiring new licences is ongoing, he said.

In 2020, the government received more than $370 million in cash inflows from the Twiga partnership through taxes and dividends, the company said.