Tanzania president, Barrick CEO meet to review Twiga partnership progress

Aion-Tech Solutions

07/07/2021 18:56

July 7 (Reuters) - Tanzanian President Samia Suluhu Hassan
and Barrick Gold Corp  ABX.TO   GOLD.N  top boss Mark Bristow
met on Wednesday to review progress at the Canadian miner's
operations in the African country, a meeting that Bristow called
"highly constructive".
    Barrick oversees the management of its assets in Tanzania
through Twiga Minerals Corp, a joint venture formed in 2019
between the company and the government of Tanzania following a
deal https://reut.rs/3yyrjGw to settle a long-running tax
dispute between the parties. 
    Twiga Minerals manages the Bulyanhulu, North Mara and
Buzwagi mines in Tanzania.
    "We see the potential for more world-class gold discoveries
here, but in order to achieve exploration success, we need to
keep turning over our licences and assessing new ground,"
Bristow said in a statement. 
    The process of acquiring new licences is ongoing, he said.
    In 2020, the government received more than $370 million in
cash inflows from the Twiga partnership through taxes and
dividends, the company said. 
    

 (Reporting by Rithika Krishna in Bengaluru; Editing by Devika
Syamnath)
 ((Rithika.Krishna@thomsonreuters.com;))