{"id":22652,"date":"2021-01-30T18:07:18","date_gmt":"2021-01-30T18:07:18","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/?p=22652"},"modified":"2021-01-30T18:07:18","modified_gmt":"2021-01-30T18:07:18","slug":"barrick-injects-2tri-into-tz-economy","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/economy\/barrick-injects-2tri-into-tz-economy","title":{"rendered":"BARRICK INJECTS 2TRI\/- INTO TZ ECONOMY"},"content":{"rendered":"

AfricaPress-Tanzania:<\/strong> RE-BORN North Mara and Bulyanhulu gold mines are showing all the signs of lifting Tanzania mineral industry to the higher level, just a year after the government and Barrick agreed to form jointly owned \u2014Twiga Minerals Company.<\/p>\n

In fact, during 2020, Barrick invested 800 million US dollars (about 2tri\/-) in the Tanzanian economy in the form of taxes, permits, infrastructure development, salaries and payments to local suppliers.<\/p>\n

\u201cIn line with the group wide policy of employing nationals, the company continued to recruit and over 600 new workers were employed in Bulyanhulu alone. Tanzanian nationals now make up 96 per cent of the mines\u2019 total workforce,\u201d Barrrick President and Chief Executive (CEO) Mark Bristow.<\/p>\n

According to Bristow: \u201cBoth North Mara and Bulyanhulu mines produced near top end of the production guidance in 2020, being their first full year under Barrick\u2019s management. That includes Buzwagi… the Tanzanian assets delivered a combined output of 462.472ounces for the same year.\u201d<\/p>\n

Speaking at a briefing meeting with journalists at Bulyanhulu mine in Kahama on Thursday, Bristow said the mines have been successfully revived with North Mara delivering significant improvements and underground production restarted at Bulyanhulu.<\/p>\n

The mines managed through the Twiga joint venture with the government of Tanzania, paid a maiden dividend of 250 million US dollars in October last year, from this amount, the government of Tanzania received 40 million US dollars, North Mara posted a record throughput in the fourth quarter and Bulyanhulu recommenced processing of underground ore during the quarter.<\/p>\n

Bulyanhulu is scheduled to be in full production when the ramp-up is completed expected during the first half of 2021. Both mines performed credibly on the health, safety and environment front, with Bulyanhulu gaining ISO 14001 certification for the first time.<\/p>\n

Bristow said the mines strong performance was the product of the speed and effectiveness with which, the company\u2019s Africa and Middle East regional team was unlocking the unrealised value of these assets, despite the challenges presented by Covid-19 pandemic.<\/p>\n

\u201cThese mines are now very different business. North Mara\u2019s life of mine production profile has been vastly improved and implementation of its comprehensive water management plan is on track. \u201cBulyanhulu\u2019s resurrection was a particularly exceptional achievement, considering that both its shafts and plants had to be refurbished extensively. The new mine plan is designed to deliver a long-term value \u2013driven operation,\u201d<\/p>\n

Bristow said. \u201cWe\u2019re optimising our tenyear plan to make the combined North Mara and Bulyanhulu mines the seventh Tier One asset in the Barrick portfolio by bringing them into the lower half of the industry\u2019s cost curve.<\/p>\n

\u201cAt the same time, we continue to improve relations with our hosts\u2019 communities securing Barrick\u2019s social licence to operate in Tanzania,\u201d he said.<\/p>\n

Mr Bristow added that past grievances have been resolved and the remaining land legacy issues are being addressed.<\/p>\n

He said fully functional community development committees have been established to focus on education, health, water and agribusiness and at least 21 agribusiness groups from 11 villages are already being supported at North Mara.<\/p>\n

\u201cBarrick also proved its value as a partner through its tangible support for the government\u2019s pandemic containment campaign,\u201d he said.<\/p>\n

Mr Bristow said capital and exploration expenditures exceeded 180 million US dollars for the year of which, half related to growth projects and this investment is continuing into 2021.<\/p>\n

He said Tanzania\u2019s largescale mineralised systems held the potential for world class discoveries and in addition to brown fields\u2019 exploration designed to increase and convent the existing mines resources.<\/p>\n

Barrick had also initiated green fields\u2019 programmes to generate new targets.<\/p>\n

One of Twiga Minerals Directors, Tanzanian Casmir Kyuki lauded the achievements to efforts made by President John Magufuli, who has always shown resolve to protect the country\u2019s resources.<\/p>\n","protected":false},"excerpt":{"rendered":"

AfricaPress-Tanzania: RE-BORN North Mara and Bulyanhulu gold mines are showing all the signs of lifting Tanzania mineral industry to the higher level, just a year after the government and Barrick agreed to form jointly owned \u2014Twiga Minerals Company. In fact, during 2020, Barrick invested 800 million US dollars (about 2tri\/-) in the Tanzanian economy in […]<\/p>\n","protected":false},"author":84,"featured_media":22637,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[4822,7151],"class_list":["post-22652","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-mark-bristow","tag-twiga-minerals-company"],"yoast_head":"\nBARRICK INJECTS 2TRI\/- INTO TZ ECONOMY - Tanzania<\/title>\n<meta name=\"description\" content=\"RE-BORN North Mara and Bulyanhulu gold mines are showing all the signs of lifting Tanzania mineral industry to the higher level, just a year\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/tanzania\/economy\/barrick-injects-2tri-into-tz-economy\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BARRICK INJECTS 2TRI\/- INTO TZ ECONOMY\" \/>\n<meta property=\"og:description\" content=\"RE-BORN North Mara and Bulyanhulu gold mines are showing all the signs of lifting Tanzania mineral industry to the higher level, just a year\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/economy\/barrick-injects-2tri-into-tz-economy\" \/>\n<meta property=\"og:site_name\" content=\"Tanzania\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-30T18:07:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/01\/2ced909bac36f59de40af2c75db069bb.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"565\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/barrick-injects-2tri-into-tz-economy#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/barrick-injects-2tri-into-tz-economy\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"BARRICK INJECTS 2TRI\/- INTO TZ ECONOMY\",\"datePublished\":\"2021-01-30T18:07:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/barrick-injects-2tri-into-tz-economy\"},\"wordCount\":624,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/barrick-injects-2tri-into-tz-economy#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/01\/2ced909bac36f59de40af2c75db069bb.jpg\",\"keywords\":[\"Mark Bristow\",\"Twiga Minerals Company\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/economy\/barrick-injects-2tri-into-tz-economy#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/barrick-injects-2tri-into-tz-economy\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/barrick-injects-2tri-into-tz-economy\",\"name\":\"BARRICK INJECTS 2TRI\/- INTO TZ ECONOMY - 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