Bulyanhulu Gold Mine, Tanzania, January 23, 2024 – Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX) has invested over $4.24 billion into Tanzania’s economy since the establishment of the Twiga joint venture with the government in 2019, contributing $888 million in 2024 alone. Twiga comprises the North Mara and Bulyanhulu gold mines.
“We spent $573 million on national suppliers and service providers last year, representing about 83% of our total spend in-country. Furthermore, 75% of all payments to suppliers and service providers were directed to indigenous companies, surpassing our target of 61%,” said Bristow.
Thanks to Barrick’s policy of local employment and development, 96% of the company’s 6,185-strong workforce are Tanzanian nationals, with 53% coming from communities surrounding the mines. Barrick also invested over $5 million last year in potable water, healthcare, and education, bringing the total investment in community projects to $15.8 million since Barrick formed the Twiga partnership and took operational control of the Tanzanian mines in 2019.
Production guidance for Bulyanhulu and North Mara for 2024 exceeds 500,000 ounces, maintaining their status as a Tier One mining complex. Both mines also achieved a full year without a Lost-Time Injury.
Buzwagi made significant progress in its closure implementation, while environmental management and monitoring efforts focused on water management and vegetation restoration. A Special Economic Zone (SEZ) is in advanced stages of development, attracting investor interest, with one already obtaining Export Processing Zone registration.
Barrick President and CEO Mark Bristow
The Barrick Academy, which opened at Buzwagi in 2024, has made impressive strides in developing talent for Barrick. With a focus on training foremen, supervisors, and superintendents, the Academy has already trained 1,700 individuals and is on track to exceed its target of training over 2,800 people by the end of 2025.
At both North Mara and Bulyanhulu, conversion drilling has replenished reserves after depletion, while exploration efforts continue to consolidate Barrick’s prospective footprint in the Nzega District, adding over 2,000km² of new areas to support mineral reserve growth. This expansion is central to Barrick's long-term strategy of identifying Tier One systems in the region.
Twiga has earned numerous accolades over the past year, including recognition for its safety, employer status, environmental performance, and community engagement. In 2024, North Mara was named the largest economic contributor in Tanzania’s extractive industry and received multiple awards for its commitment to occupational health and safety, corporate social responsibility, and local content compliance.
“Barrick’s work in Tanzania is a model for sustainable mining that balances economic, environmental, and social responsibility,” said Bristow. “The recognition we’ve received is a testament to our commitment to excellence and the value we bring to our host countries.”
Dr. Steven Kiruswa
At the event, Deputy Minister of Mierals Dr. Steven Kiruswa, noted that the government continues to improve the investment climate in the mining sector and enforce strong management practices to ensure that these resources benefit all parties.
Hon. Anamringi Macha
Shinyanga Regional Commissioner, Hon. Anamringi Macha, commended Barrick for its investment in the region, which continues to contribute to government revenue while improving the lives of local citizens through various CSR projects . He also emphasized the successful closure of the Buzwagi mine.
Additionally, Msalala MP, Hon. Iddi Kassim, highlighted the ongoing collaboration between the local community and Barrick in implementing projects related to education, healthcare, and road infrastructure.
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