Maramla
JF-Expert Member
- Jan 8, 2014
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By Staff Writer, DAR ES SALAAM
Finally the Governent of Tanzania and Barrick Gold, after months of speculations, have signed a total of 9 implementation agreements to end the mining row that persisted since 2017.
The agreements follows a 3 years prolonged re-negotiation of a mining agreement that the Tanzanian reform minded President, Dr, John Pombe Magufuli, had demanded a better deal from the mining giants.
In the greements signed today, 24th January, 2020, at State House in Dar es Salaam, the newly formed joint company, Twiga, will now start operations in Tanzania, paving way for the then Barrick owned Acacia, to be off site.
In the agreements also Tanzania will own 16 percent undiluted shares in the Twiga company that will own three mining sites in Tanzania.
However, despite the shares, Tanzania will benefit from a 50/50 sharing of the economic benefits from the Barrick operations in Tanzania in terms of taxes, royalties and share dividends.
"Its a new day, it is a new life. I know how difficult it is to enter into discussions with such giants like Barrick. It needed sacrifice," said the vividly happy President Magufuli.
He added: "Tanzania is the best country to invest. Let all serious investors come."
The President also direct the consignment of mineral concentrates that were held at the Port of Dar es Salaam now to be released for export.
"Mr. President, this is a new day in Africa. We are happy and ready to start this new partnership. We agree that there were problems in the past, now we are ready to take this joint venture seriously for the benefits of all stakeholders," said Mark Bristow, CEO Barrick Gold.
He added: "Some people were gossiping that Tanzania wants to disturb investors. I'm here to testify that what Tanzania is doing is the best approach to ensure every partner benefits in a win-win situation."
"It was a long and difficult journey, we are happy that we have finally achieved this massive agreements," said the Tanzanian Chief negotiator, Prof. Palamagamba Kabudi.
Sent from my iPhone using JamiiForums
Finally the Governent of Tanzania and Barrick Gold, after months of speculations, have signed a total of 9 implementation agreements to end the mining row that persisted since 2017.
The agreements follows a 3 years prolonged re-negotiation of a mining agreement that the Tanzanian reform minded President, Dr, John Pombe Magufuli, had demanded a better deal from the mining giants.
In the greements signed today, 24th January, 2020, at State House in Dar es Salaam, the newly formed joint company, Twiga, will now start operations in Tanzania, paving way for the then Barrick owned Acacia, to be off site.
In the agreements also Tanzania will own 16 percent undiluted shares in the Twiga company that will own three mining sites in Tanzania.
However, despite the shares, Tanzania will benefit from a 50/50 sharing of the economic benefits from the Barrick operations in Tanzania in terms of taxes, royalties and share dividends.
"Its a new day, it is a new life. I know how difficult it is to enter into discussions with such giants like Barrick. It needed sacrifice," said the vividly happy President Magufuli.
He added: "Tanzania is the best country to invest. Let all serious investors come."
The President also direct the consignment of mineral concentrates that were held at the Port of Dar es Salaam now to be released for export.
"Mr. President, this is a new day in Africa. We are happy and ready to start this new partnership. We agree that there were problems in the past, now we are ready to take this joint venture seriously for the benefits of all stakeholders," said Mark Bristow, CEO Barrick Gold.
He added: "Some people were gossiping that Tanzania wants to disturb investors. I'm here to testify that what Tanzania is doing is the best approach to ensure every partner benefits in a win-win situation."
"It was a long and difficult journey, we are happy that we have finally achieved this massive agreements," said the Tanzanian Chief negotiator, Prof. Palamagamba Kabudi.
Sent from my iPhone using JamiiForums