Tanzania : Barrick Gold keeps his word

In a press release issued on May 25, Canadian gold giant Barrick Gold announced that the first tranche of the $300 million payment it had committed to the Tanzanian authorities to settle a previous tax dispute had been settled. At the end of October, an agreement was reached between the mining operator and the Tanzanian government to restart operations at the three mines owned by Barrick in the country (Bulyanhulu, North Mara and Buzwagi) and previously owned by its subsidiary Acacia Mining. Acacia Mining had been accused of not paying sufficient taxes and royalties to the country and had been forced to halt its operations, pending an amicable settlement with the Tanzanian government. Barrick’s management also confirmed that its first containers of gold concentrate were approved for export in April.