Tanzania, Barrick form new joint-venture to replace Acacia

Dar es Salaam. Tanzania government and Barrick Gold announced on Sunday October 20, 2019 that they formed a joint-venture that will operate three mines as the two sides attempt to solve the longstanding tussle.

Twiga Minerals Corporation replaces Acacia Mining which does no longer exist after Barrick bought it out.

The Minister for Foreign Affairs and East African Cooperation Prof Palamagamba Kabudi said the government will hold 16 per cent shareholding in Twiga and Barrick owns 84 per cent.

“This is a milestone in the struggle we had to ensure Tanzania benefits from the mining sector. I also want to assure shareholders of Barrick of a trusted confidence under the new partnership,” he said in press briefing.

The company will operate Buzwagi, Bulyanhulu and North Mara mines which were formerly under Acacia.

Prof Kabudi said the negotiated agreement will be reviewed by the Attorney General for approval on one hand and Barrick Gold board on the other.

He refused to give more details of the agreement until the documents are signed next month.