Barrick Gold’s ‘long safari’ ends with Tanzania deal – by Fumbuka Ng’wanakilala (Reuters Canada – January 24, 2020)

https://ca.reuters.com/

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.

For the rest of this article: https://ca.reuters.com/article/businessNews/idCAKBN1ZN0TF

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