Barrick adds to its Tier One gold portfolio through Tanzanian transformation – by Brendan Ryan ( – August 8, 2022)

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Barrick Gold CEO Mark Bristow believes the group’s two mines in Tanzania have the potential to achieve “combined Tier One status in Barrick’s portfolio” which explains the lengths the group has gone to in protecting its position in Tanzania following the debacle with former subsidiary Acacia Mining.

According to Bristow – reporting on the group’s June quarterly results – “when we took over these mines they were a moribund burden on the government and their investors. “In a very short time we redesigned and re-engineered them creating what are in effect two new mines.

They are well-placed to deliver their annual production guidance and have the potential to achieve a combined Tier One status in Barrick’s portfolio meaning that they are capable of producing at least 500,000 ounces of gold annually for more than 10 years at the lower end of the cost spectrum as a combined complex.”

Bristow pointed out that since Barrick took over the two mines – North Mara and Bulyanhulu – in September 2019 it had invested nearly $2bn into Tanzania. In the first half of 2022 Barrick paid $158m in taxes; $42m in distributions to the Tanzanian government in dividends and shareholder loans as well as $210m to local suppliers.

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