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No Deal? Tanzania, Barrick Firm Up For October-Deal Implementation


By Staff Reporter, Dar es Salaam, Ontario

Days after the ailing opposition Chief Whip Tundu Lissu lied to the world that there was no “any deal” reached between the Government of Tanzania and Barrick Gold, more details have emerged on the implementation of the October, 2017 Deal.

Ln Dar es Salaam today, executives from Barrick Corporation have confirmed that the mining giant, the world’s largest gold mining company, will now soon implement the October agreement that include the payment to the government of Tanzania 300 million U.S. dollars to end a dispute that hit its operations in the East African country.

The stance has been emphasized by Barrick Gold Executive Secretary in Africa and Eastern   Dr. Willem Jacobs who met with Tanzanian President John Magufuli in the state house in Dar es Salaam on Wednesday, 20th February, 2019.

“We have come to confirm our willingness to cooperate with the government. Nothing will change on the previous agreements that were led by Barrick Executive Chairman Prof. Thornton in October 17, 2017,” said Dr. Jacobs on meeting President Magufuli.

In addition, Dr. Jacobs told the President that the mining firm will give Tanzania 16 percent stake in its three gold mines and 50 percent share in revenues from the mines as agreed previously.

Dr. Jacobs who was accompanied by Barrick advisory team (Rich Haddock, Duncan Bullivant and Wicus du Preez) said they decided to meet and assure President Mafuguli about their commitment of paying the said amount after Barrick had entered into a new joint venture with Rand Gold, the South African Gold Mining Company.

Dr. Jacobs thanked and commended President Magufuli’s high performance in ensuring that Tanzanian natural resources are serving the betterments of Tanzanians and their development. 

The initial agreements were made between the mining firm and the government of Tanzania in 2017 after the country banned the export of unprocessed minerals. Barrick was also slapped with a huge tax bill following allegations of tax avoidance.

Tanzania is Africa’s fourth-largest gold producer, and Barrick’s Acacia Mining Plc is its largest miner, with three gold mines at North Mara, Buzwagi and Bulyankulu.

Speaking on behalf of the government of Tanzania at State House, the Minister for Justice and Constitutional Affairs, Palamagamba Kabudi, who led negotiation on behalf of Tanzania, said the final agreement papers are ready adding that what remains is the signing process between Barrick and government of Tanzania to end the exercise.

The new development confirms that the Chadema MP Tundu Lissu who went all over the world to deny any positives in his country, is a political force not to be always trusted by the international community.

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