DAR ES SALAAM (Reuters) – Canada’s Barrick Gold Corp (ABX.TO) signed a deal with Tanzania on Friday in which the government will take stakes in three gold mines, ending a long-running tax dispute and setting a template for negotiations with other firms. It was signed by Barrick CEO Mark Bristow and Tanzanian minerals minister Doto Biteko at a ceremony in the commercial capital, Dar es Salaam.
It follows an announcement by the two sides in October in which they agreed to a payment of $300 million to settle outstanding tax and other disputes, the lifting of an export ban on concentrates and the sharing of future economic benefits from mines.
South Africa-born Bristow, describing the dispute as a “long safari” since it emerged in 2017, struck a conciliatory tone in a speech at the ceremony broadcast on state TV. Safari means “journey” in Swahili.
“Many people said your criticism will chase away investors … what it’s done is challenge the mining industry and all of us to embark on something where we win together or lose together,” Bristow said to applause.
Casting himself as a “Zulu boy” born in Zululand, Bristow called it a “historical day” for Africa. “President, what I am here to do today is to offer you the hand of Barrick,” the CEO added, moving from the lectern to shake President John Magufuli’s hand.
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