Barrick JV Twiga pays maiden dividend

13th October 2020 By: Simone Liedtke - Creamer Media Social Media Editor & Senior Writer

Twiga Minerals, a joint venture between Barrick and the Tanzania government, has paid a maiden interim cash dividend of $250-million, the Canada-based miner announced on Tuesday.

Twiga was formed last year as part of a settlement with the Tanzania government over disputes between mining companies formerly operated by Acacia Mining, which is now part of Barrick.

Barrick noted that, since it took over the former Acacia assets just over a year ago, it had paid about $205-million to the government in taxes, royalties and dividends in addition to the first payment tranche under the two parties’ agreement to settle pre-Barrick disputes.

Twiga was formed to manage the Bulyanhulu, North Mara and Buzwagi mines, and since taking over the management of the mines after its buy-out of the Acacia minorities in October 2019, Barrick has negotiated the reopening of North Mara.