Prime
Twiga Minerals lists successes since inception in 2019
What you need to know:
- Barrick president says a joint venture between Barrick Gold Corporation and the Tanzanian government to form Twiga Minerals has been a boon to the mining sector
North Mara. The formation of a joint venture between the government and Barrick Gold Corporation to form Twiga Minerals a few years ago has been a boon to the mining sector in Tanzania, Barrick president and chief executive, Mr Mark Bristow said yesterday.
He said the achievement should serve as a model for similar operations, particularly in developing regions.
Briefing journalists at a mine visit here yesterday, Mr Bristow said in 2019 when Barrick took control over North Mara and Bulyanhulu – the mines that now form the Twiga complex – both were rundown and at a virtual standstill due to a deadlocked dispute between the government and the previous operators.
“We settled the dispute and established Twiga as a 50:50 economic benefits sharing partnership, which also vested a 16 percent shareholding in each mine with the government.
“We reinvented the mines which now, as a combined complex, produce gold at a Tier One level, in other words one which can produce at least 500,000 ounces of gold annually for more than 10 years at the lower half of the industry cost curve,” he said.
He said the operations have been so successful that since Barrick’s buyout of the minority shareholders, they have contributed more than $2.8 billion to the Tanzanian economy in the form of taxes, levies, dividends, salaries and payments to local suppliers.
“Equally important, we have fixed the environmental, land claims and human rights issues that destroyed these mines’ reputations and have restored their social licence to operate as an integral member of their communities,” he said,
He revealed that since its establishment, Twiga has invested more than $12.5 million in landmark projects that were identified in collaboration with the community development committees established at the mines to provide access to quality healthcare, educational facilities, potable water and alternative sources of income.
He said Twiga has also committed $30 million to a Future Forward School Programme.
In partnership with the government, it will build 1,090 classrooms and other facilities across 161 schools nationwide, to accommodate some 49,000 of the estimated 190,000 students who will start their A-levels in July this year.
In addition, it has pledged $40 million to construct a 73 kilometre road from Kahama to Kakola.
From the operational point of view, Mr Bristow said the Twiga complex was continuing its strong production performance and was well on track to achieve its guidance for the year.
Both mines are maintaining a strong focus on the health and safety of their workers, and in April Bulyanhulu won the Overall Tanzanian OSHA1 Compliance Award for 2023 in the Mining Sector Category and North Mara was second runner-up.
Globally, Barrick has a policy of prioritizing local employment and at Twiga this has delivered a workforce which is 96 percent Tanzanian, with almost half drawn from the communities around the mines.
