All amounts are in US dollars
Barrick has pledged $6 for every ounce of gold sold from its two mines in Tanzania to improve health, education, infrastructure and access to drinking water in local communities.
North Mara Gold Mine, Tanzania – Confirming its position as a key partner in Tanzania’s socio-economic development and confirming Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX) as the largest contributor to recognized government revenue for 2021.
Since the company took control of North Mara and Bullyanahulu in September 2019, its total investments in the country have grown to $1.995 billion, President and CEO Mark Bristow told media here today. In the first half of this year, the company paid $158 million in taxes, royalties and duties, $42 million in distributions in the form of dividends and shareholder loans to the Tanzanian government, and $210 million to local suppliers. It has also now paid $140 million from its $300 million agreement with the government.
“When we acquired these mines, they were a dying burden for the government and its investors. In a very short time we redesigned and reworked them and created two new mines. They are well positioned to meet their annual production guidance and have the potential to achieve combined Tier One 2 status in Barrick’s portfolio, meaning they are capable of producing at least 500,000 ounces of gold has been at the lower end for more than 10 years. The cost spectrum as a combined campus,” said Bristow.
“We continue to replace resources depleted by mining and also target new opportunities by expanding our footprint in the Bulayananahulu area through the acquisition of six high potential licenses. We are also adjusting the geological model in the northern Mara region. Updating and identifying potential targets elsewhere in Tanzania.”
In line with Barrick’s local employment policy, Tanzanian nationals now make up 96% of the workforce at the two mines and 64% of their senior management are Tanzanians. Mines are increasing female employment in a traditionally male-dominated industry through targeted recruitment and development programs.
Barrick has pledged $6 for every ounce of gold sold by the two mines to improve access to healthcare, education, infrastructure and clean water in their communities. An additional US$70 million has been allocated for investment in value-added national projects, including mining-related training and academic facilities at Tanzanian universities.
Last quarter, Bulyanhulu was named the overall winner of Tanzania’s 2022 OSHA (Occupational Safety and Health Authority) award, while North Mara received the award for Best Community Health Program.
President and CEO
+1 647 205 7694
+44 788 071 1386
Country Manager, Tanzania
+255 754 711 215
E-mail: [email protected]
Investor and Media Relations
Cathy du Plessiso
+44 20 7557 7738
E-mail: [email protected]
final grade 1
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A Tier One gold asset is an asset with a minimum life of 10 years, annual production of at least 500,000 ounces of gold and a total cash cost per ounce over the life of mine that is in the lower half of industry costs. Curve.
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