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    Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman Highlights Key Policy Measures to Promote Export-led Growth at Exim Bank’s Trade Conclave

    Tobacco control efforts protect 6.1 billion people – WHO’s new report

    MB Patil Showcases Karnataka’s Investment Potential During Denmark Roadshow

    Roche’s Lunsumio and Polivy combination significantly prolongs remission for people with relapsed or refractory large B-cell lymphoma

    Beat the monsoon greys in style with India’s first UPF resort-wear line by Meghna Ghodawat

    Jamaica Tourism Launches a Brand-New Campaign “70 Days of Jamaica Love” to Celebrate 70 Years of Jamaica

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    Vice-President to visit Uttarakhand from 25th-27th June, 2025

    DGCA carries out comprehensive surveillance at major airports, including Delhi and Mumbai

    Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman Highlights Key Policy Measures to Promote Export-led Growth at Exim Bank’s Trade Conclave

    Protect and Perfect: How Face Yoga and Sunscreen Can Transform Your Skin

    Vidyashilp University Felicitated Padma Shri Prof. K.L. Krishna, Prof. S. Mahendra Dev & Prof. Pami Dua in a Historic Gathering of Indian Economists

    Over 18 Crore Holy Names Chanted for Global Peace at ISKCON Vaikuntha Hill

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    Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman Highlights Key Policy Measures to Promote Export-led Growth at Exim Bank’s Trade Conclave

    L&T Finance Ltd. Launches AI-powered Microsite for ‘Aapke Business Ka Game Changer’ Business Loan Campaign

    BW LPG India and The Akshaya Patra Foundation Sign MoU to Advance Clean Energy and Nutrition for School Children

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    Protect and Perfect: How Face Yoga and Sunscreen Can Transform Your Skin

    Panasonic partners with MeitY Nasscom Centre of Excellence (CoE) to accelerate innovation in Smart Residential Living

    Herbalife’s Aloin Identification Method for Aloe Vera Officially Recognized by AOAC INTERNATIONAL

    “Indian patients no longer need to look abroad for advanced treatment,” said Dr. Sharat Damodar, Senior Consultant, Haematologist and Head of Adult BMT at Narayana Health City, Bengaluru and Chairman of the Oncology Collegium at Narayana Health.

    WHO issues first global guideline to improve pregnancy care for women with sickle cell disease

    GNC India Launches Protein Wafer

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    AMD Unveils Vision for an Open AI Ecosystem, Detailing New Silicon, Software and Systems at Advancing AI 2025

    U.S. Insurers to More than Double AI Investment in the Next 3-5 Years: Wipro Report

    Union Minister for Agriculture and Farmers Welfare Shivraj Singh Chouhan to visit Hyderabad on Monday

    Inaugural program of “Vidhan Soudha Guided Walking Tour” on May 25.

    LTIMindtree Signs MoU with IIM Mumbai to Launch Postgraduate Program for Executives in AI-led Experience Design

    “By uniting our talent and expertise, we can drive progress toward a more climate-resilient and healthier future.” -Dr M.C. Sudhakar,  Minister for Higher Education, GoK.

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    DGCA carries out comprehensive surveillance at major airports, including Delhi and Mumbai

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    ‘Waves’ an OTT platform that offers clean family-friendly content: Sunil Bhatiya, Deputy Director General, Doordarshan Kendra, Panaji

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    Protect and Perfect: How Face Yoga and Sunscreen Can Transform Your Skin

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    Herbalife’s Aloin Identification Method for Aloe Vera Officially Recognized by AOAC INTERNATIONAL

    “Indian patients no longer need to look abroad for advanced treatment,” said Dr. Sharat Damodar, Senior Consultant, Haematologist and Head of Adult BMT at Narayana Health City, Bengaluru and Chairman of the Oncology Collegium at Narayana Health.

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Barrick Partnership with Tanzanian Government Delivers First Major Outcomes

by FWM
May 25, 2020
in World
0

All amounts expressed in US dollars

Dar es Salaam, Tanzania– May 25, 2020– Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) has settled the majority of the North Mara legacy land claims and has paid the first tranche of the $300 million settlement it agreed with the Tanzanian government to resolve the disputes it inherited from Acacia Mining.President and chief executive Mark Bristow said these were landmark events that demonstrated the strength of the partnership the company forged earlier this year through the formation of the jointly owned Twiga Minerals Corporation, which oversees the management of Barrick’s operations in the country.In terms of its framework agreement with the government, the shipping of some 1,600 containers of concentrate stockpiled from Bulyanhulu and Buzwagi resumed in April and the first $100 million received from the sale has gone to the government. Barrick said all material issues had been dealt with or were being finalized. This initial payment will be followed by five annual payments of $40 million each.At the same time, some 90% of the outstanding land claims at North Mara have been settled with payment scheduled to start today. Contrary to the past, where these claims were handled by the mine, the compensation process is being overseen by a committee representing Twiga, the government, the local authorities and the affected communities. This will ensure that the process is transparent and that issues are dealt with fairly and promptly.Willem Jacobs, Barrick’s chief operating officer for Africa and the Middle East, said the basis of the settlement, which alsoprovides for future claims, was produced during several weeks of close and constructive engagement between Twiga, the Ministry of Mines, the Ministry of Land, the local authorities and the community.A commercial bank has been appointed to provide financial training to the compensated landowners.Operationally, since taking over North Mara, Barrick has focused on improving the mine’s water management with special emphasis on its tailings storage facility. Jacobs said Barrick’s intervention had put an end to 15 years of poor water management on site and has ensured that going forward its environmental risks are properly contained in line with the group’s best practice standards.Summing up these developments, Bristow said the rapid progress made in resolving the most pressing legacy issues in Tanzania was a tribute to the hard work of Jacobs and his team as well as to the wholehearted support and engagement of the government and other stakeholders.“This is a striking example of what a true partnership can achieve in building a sustainable business capable of creating long-term value for all stakeholders,” he said

 

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