Formerly derelict mines add billions to Tanzania economy


Barrick North Mara gold mine

from ALLOYCE KIMBUNGA in Dar-es-Salaam, Tanzania
Tanzania Bureau
DAR-ES-SALAAM, (CAJ News) – BARRICK reports that it has invested more than US$3,4 billion into the Tanzanian economy since the takeover of the North Mara and Bulyanhulu gold mines in 2019.

This is a significant turnaround considering the two mines were derelict.

They had grown into the largest contributor to the government’s revenue, through taxes, employment, payments to local suppliers, community projects and distributions to shareholders.

Barrick’s have sustained their solid performance and achieved their production guidance for 2023.

The mines are part of Twiga Minerals, a joint venture between Barrick and the government of Tanzania.

“The Twiga partnership has not only transformed Tanzania’s gold mining industry, it has also re-established the country, well-known as one (of) Africa’s most popular tourism attractions, as a prime investment destination that has a wealth of metal and mineral resources,” Mark Bristow, president and chief executive of Barrick said.

Conversion drilling at both mines has again replenished their reserves after depletion.

At North Mara, the potential for another underground operation is being explored while the optimisation of its open cast mine plan is expected to add years to its life.

At Bulyanhulu, there are near-surface opportunities with the potential for increasing production and mining flexibility.

The first phase of Twiga’s $30 million Future Forward education initiative is nearing completion.

Twiga is also progressing its $40 million pledge to build a 73 kilometre road to the Kahama airport.

Barrick’s Buzwagi gold mine, in partnership with the Tanzania Airport Authority, funded the building of a new terminal at the airport.

– CAJ News

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