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Twiga

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Twiga Minerals Corporation TanzaniaTwiga Minerals Corporation was established in January 2020 by Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX) and the Government of Tanzania (GoT) to manage Barrick’s gold mines in the country, namley North Mara, Bulyanhulu, and Buzwagi. 

The new company is the result of a dispute between Acacia Mining, a former subsidiary of Barrick and Tanzania’s largest gold producer, and GoT.

Twiga Minerals Corporation is owned for 84% by Barrick and 16% by GoT, and is based on 50/50 sharing of the economic benefits generated by the mining operations after the recoupment of capital investments.

In March 2020, the Minister for Finance and Planning of Tanzania, Dr. Phillip Mpango, appointed two nationals as members of the Twiga Minerals Corporation board.