Loading ...Canada’s Barrick Gold (TSX: ABX) (NYSE: GOLD) and Tanzania inked a deal on Friday that grants the African nation stakes in the three gold mines the company operates there, ending a long-running tax dispute and setting a template for negotiations with other firms.
The ceremony comes three months after both parties reached an agreement in which Barrick accepted to pay $300 million to settle outstanding tax and other disputes. The deal also includes the lifting of a concentrate export ban and the sharing of future economic benefits from the miner’s operations in the country on a 50-50 basis.
It also ratifies the creation of Twiga Minerals Corporation, a company jointly owned by Barrick and the Tanzanian government, which will oversee the management of the Toronto-based miner’s local operations.
cont. https://www.mining.com/barrick-irons-out-issues-in-tanzania-with-historic-deal/