PRECIOUS METALS

Barrick outlines Acacia future in Tanzania

Barrick Gold has agreed on the future of Acacia Mining with the government of Tanzania

Staff reporter
The North Mara complex

The North Mara complex

One key aspect of the new deal is an even split by the two parties of Bulyanhulu, Buzwagi and North Mara’s economic benefits, with the government’s share to come in the form of royalties, taxes and carry-free interest in the operations of 16%.

Additionally, a new operating company will be formed to oversee the trio of operations, as well as all future mines in the country.

“The principle of total transparency between partners will define how this company operates,” Barrick officials said. “For instance, the government of Tanzania will participate in decisions related to operations, investment, planning, procurement and marketing.”

The miner said it will maximise the employment of locals and help to increase capacity at all business levels from its board to its portfolio, and plans are also in place to increase its procurement of goods and services from within the country’s boundaries.

“Barrick has also committed to work with the government of Tanzania to advance concepts for increasing in-country beneficiation of gold,” it said.

Finally, Barrick – who holds 63.9% interest in Acacia, will pay US$300 million to the Tanzania government in an effort to resolve its outstanding taxes. Terms are not yet settled for that portion.

The partnership parties, which are currently awaiting reviews and approvals of the proposed transaction by both Acacia shareholders and an independent board committee, will also be evaluating the conditions to lift Tanzania’s concentrate export ban.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Magazine Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Magazine Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Magazine Intelligence Exploration Report 2024 (feat. Opaxe data)

A comprehensive review of exploration trends and technologies, highlighting the best intercepts and discoveries and the latest initial resource estimates.

editions

Mining Magazine Intelligence Future Fleets Report 2024

The report paints a picture of the equipment landscape and includes detailed profiles of mines that are employing these fleets

editions

Mining Magazine Intelligence Digitalisation Report 2023

An in-depth review of operations that use digitalisation technology to drive improvements across all areas of mining production