Canada-headquartered bullion major Barrick Gold on Friday announced that it would spend $6 for every ounce of gold sold by its two mines in Tanzania on improving healthcare, education, infrastructure and access to potable water in the surrounding communities.
At the same time, the miner has committed up to $70-million for investment in value-adding national projects, including mining-related training, skills development and scientific facilities at Tanzanian universities, as well as road infrastructure.
“Since we took over the Tanzanian mines from their previous operator in 2019, we have rebuilt relations with the State and renewed our social licence to operate here,” said CEO Mark Bristow in a media release.
North Mara has been redesigned as an integrated underground/openpit mine and Bulyanhulu has been resuscitated as a long-life underground mine. Together, these mines are expected to produce more than 500 000 oz/y.
Barrick has spent more than $1.9-billion in taxes, salaries and payments to local businesses over the past two years. At least 73% of the mines’ goods and services are sourced locally and they give preference to the employment of Tanzanian nationals.
Barrick has to date also paid the government $14-million of the $300-million settlement included in the framework agreement.