Barrick invests 4.2 tri/-, tips investors’ appetite

Barrick invests 4.2 tri/-, tips investors’ appetite

THE government wants to see benefits of the minerals reaching the nationals and raising livelihoods now that investors in the industry are living to the standards and agreements reached with the government.

Making the revelation Tuesday during his working tour in Bulyanhulu, Shinyanga Region, the Minister for Minerals, Dr Dotto Biteko hailed Barrick Tanzania for investing 1.828 billion US dollars (about 4,2 tri/-) in the country since September 2019, when it took over operations of Acacia

He noted that the amount that was paid as taxes, local supplies, salaries and wages as distributions to the government has transformed the mining industry as a force to reckon with in the country.

He added: “I understand in payments, Barrick paid 196 million US dollars (about 452bn/-) which represents 20 per cent of its revenues as taxes, royalties and levies. In the same payments, it paid 16millin USD as loan repayment to the government and 307 million USD (31 per cent of annual revenues) to the national registered supplies and that is the development we want.”

“President Samia Suluhu Hassan wants to see benefits of the minerals reaching the nationals and raising livelihoods. I would give Barrick 100 per cent recommendations among others for living to the promises it made with the government in new contract.

“I am impressed with the partnership (in reference to Barrick taking over from Acacia and merging with the government as Twiga) that has improved relations and addressed the previous challenges, its predecessor left in the environment.”

Dr Biteko further said since 2019, when the new Barrick bought shareholders and assumed control of Tanzanian operations to date it has transformed its workforce to be manned by Tanzanians by 96 per cent (where 41 per cent come from the communities surrounding the mines, 64 per cent working in senior management posts) in comparison to the previous investor(s).

“I understand also that Tanzania female employees form 12 per cent of the total headcount in comparison to 10 per cent in 2020,” he pointed out.

Elaborating, the minister noted as Barrick has advanced in mining and using technical automining in its activities, it should see into that Tanzanians are well trained and acquire the skills in their operations.

He added: “As you are in the process of mine closure, train Tanzanians to take over professionally as Engineers, Gold Processors, and Geologists among others so that the locals become competent and manage our affairs”

Accompanying the minister, Shinyanga Regional Commissioner Sophia Mjema assured the investor that the local government would give them full support and cooperation for the common goal of the two parties.

“Your Corporate Social Responsibility support in the villages is worth praise. You have supported several community health initiatives-Malaria programmes, Tuberculosis, cervical cancer screening and health facilities. You have upgraded and improved school learning environment through the construction of classrooms and teachers’’ houses,” she pointed out.

On his part, Barrick Gold Corporation President and Chief Executive Officer Mark Bristow promised to work on all the agreement terms they reached with the government in Twiga merger.

He said different clauses in the deal since their agreement have been implemented citing some as successful water treatment plant facilities in North Mara, various drilling campaigns introducing Gokona and Gena opencast and consolidation of licenses in areas of interest and continued positive trend in resource conversion and exploration since takeover.

“Since our deal was inked, North Mara and Bulyanhulu, which were moribund goldmines when Barrick took over their management two years ago, delivered a combined production of more than 500, 000 ounces in 2021, meeting a key criterion for membership of the company’s elite Tier One portfolio,” he added.

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Author: DAILY NEWS Reporter

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