Barrick gives Tanzania stake in mines, $300 million to end dispute

Section:

From Reuters
via The New York Times
Thursday, October 19, 2017

DAR ES SALAAM, Tanzania -- Barrick Gold will give Tanzania a 16 percent stake in three gold mines, a 50 percent share of revenue from those mines, and a one-off payment of $300 million to resolve a dispute that has hit its operations in the country, the two sides said.

The Canadian miner and the Tanzanian government have been in talks for months after the east African country banned the export of unprocessed minerals and enacted laws to raise state ownership of the nation's mines.

The agreement announced today comes after the new laws and a crackdown on mining firms slowed fresh investment in what has long been seen as one of Africa's brightest mining prospects.

President John Magufuli, nicknamed the Bulldozer, has said the government's approach was aimed at ending what he called years of corrupt practices and tax evasion that have robbed the country of revenue. ...

... For the remainder of the report:

https://www.nytimes.com/reuters/2017/10/19/business/19reuters-barrick-go...



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