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Tanzania-Barrick Gold joint venture pays dividend

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

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 US$205M 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.

Also read: Tanzania: Barrick to gain up to £215M after gold ban lifted

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.

This news comes after Tanzania received about US$40M from Barrick Gold Corp yesterday (October 13) as part of a payment settlement with the company.

President John Magufuli was scheduled to oversee the event, the ruling CCM party said in a statement. It’s part of the US$300M settlement between Tanzania and Barrick Gold to end a tax dispute. Barrick Gold paid the first instalment of US$100M in May.

Source: Mining Weekly

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