Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) has contributed over $4.24 billion to Tanzania’s economy through the Twiga joint venture since 2019, including $888 million in 2024.
Twiga, a partnership between Barrick and the Tanzanian government, operates the North Mara and Bulyanhulu gold mines.
Barrick President and CEO Mark Bristow announced these figures during a recent media briefing at Bulyanhulu Gold Mine.
In 2024, $573 million was spent on national suppliers and service providers, accounting for 83% of the company’s in-country spending. Payments to indigenous companies represented 75% of the total, exceeding the 61% target.
Barrick employs 6,185 workers in Tanzania, 96% of whom are Tanzanian nationals. Of this workforce, 53% are from communities near the mines.
The company invested over $5 million in 2024 on potable water, healthcare, and education, bringing total community investment since 2019 to $15.8 million.
Bulyanhulu and North Mara achieved production of over 500,000 ounces in 2024, maintaining their Tier One status. Both mines also completed a full year without any Lost-Time Injuries.
Buzwagi Gold Mine advanced its closure implementation in 2024 with ongoing environmental management, focusing on water systems and vegetation.
A Special Economic Zone near Buzwagi is under development, with one investor securing Export Processing Zone registration.
The Barrick Academy, established in 2024 at Buzwagi, trained 1,700 people by the end of the year. It aims to train over 2,800 individuals by the close of 2025, focusing on foremen, supervisors, and superintendents.
In exploration, Barrick expanded its presence in the Nzega District by acquiring over 2,000 km². This supports mineral reserve growth and replenishment at North Mara and Bulyanhulu and aligns with Barrick’s long-term strategy to identify Tier One systems in Tanzania.
Twiga received multiple awards in 2024 for safety, environmental performance, and local content compliance. North Mara was recognized as Tanzania’s largest economic contributor to the extractive industry.
About Twiga Minerals
Twiga Minerals Corporation was established in 2019 as a partnership between Barrick Gold, one of the largest gold mining companies in the world, and the Tanzanian government.
The government holds a 16% free carried interest in each of the mines under the partnership, including North Mara and Bulyanhulu. The remaining interest is held by Barrick Gold.
Barrick, via Twiga, operates two key gold mines in Tanzania: North Mara and Bulyanhulu. These mines are among the largest gold-producing sites in the country and significant contributors to the local economy.
Gold is a major contributor to Tanzania’s economy, accounting for a significant share of exports. The sector has been a focal point for attracting foreign investment and boosting government revenues.
The Tanzanian government has emphasized local content compliance in its mining policies, requiring companies to source locally and involve Tanzanians in operations.
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