Dual-listed Barrick Gold says it was recognised as the largest contributor to government revenue in Tanzania in 2021.

Barrick president and CE Mark Bristow told media at the weekend that, since the company took control of the North Mara and Bulyanhulu mines in September 2019, its in-country investment has reached nearly $2-billion.

In the first half of this year, it paid $158-million in taxes, royalties and levies, $42-million in distributions to the government of Tanzania in the form of dividends and shareholder loans and $210-million to local suppliers, he noted.

The company has also now paid $140-million of its $300-million settlement with the government.

“When we took over these mines, they were a moribund burden on the government and their investors. In a very short time, we redesigned and re-engineered them, creating what are in effect two new mines.

“They are well placed to deliver their annual production guidance and have the potential to achieve a combined tier one status in Barrick’s portfolio, meaning that they are capable of producing at least 500 000 oz/y of gold for more than ten years at the lower end of the cost spectrum as a combined complex,” Bristow said.

“We are continuing to replace resources depleted by mining and we are targeting new opportunities as well, increasing our footprint around Bulyanhulu through the acquisition of six highly prospective licences. 

“We’re also updating the geological models in the North Mara region and identifying potential targets elsewhere in Tanzania,” he added.

In line with Barrick’s policy of local employment, Tanzanian nationals now account for 96% of the two mines’ workforces and 64% of their senior management are Tanzanians.

The mines are also driving the increased employment of women in a traditionally male-dominated industry through targeted recruitment and development programmes, Bristow said.

Barrick has committed $6 for every ounce of gold sold by the two mines to improving healthcare, education, infrastructure and access to potable water in their communities.

A further $70-million has been allocated to investment in value-adding national projects, including mining-related training and scientific facilities at Tanzanian universities.

During the past quarter, Bulyanhulu was named the overall winner of the Tanzania Occupational Safety and Health Authority award for this year, while North Mara received the award for the best community health outreach programme.