Tanzania Receive USD 100 Million From Barrick Gold

Barrick pays Tanzania USD 100 million

Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) has recently paid the first tranche of the USD 300 million settlement it agreed with the Tanzanian government to resolve the disputes it inherited from Acacia Mining.

Barrick Gold president and chief executive Mark Bristow said this demonstrated the strength of the partnership with the government.

Earlier this year they formed Twiga Minerals Corporation, jointly owned and which oversees the management of Barrick’s operations in the country.

In terms of its framework agreement with the government, the shipping of some 1,600 containers of concentrate stockpiled from Bulyanhulu and Buzwagi mines resumed in April and the first USD 100 million received from the sale has gone to the government.

This initial payment will be followed by five annual payments of USD 40 million each.

At the same time, some 90% of the outstanding land claims at North Mara have been settled with payment scheduled to start this month.