Barrick Gold (ABX.TO) said Thursday that it has invested over US$4.24 billion into the Tanzanian economy since establishing the Twiga joint venture with the government in 2019.
In 2024, Barrick said it contributed US$888 million to the economy. The Twiga joint venture comprises the North Mara and Bulyanhulu gold mines.
"We spent US$573 million on national suppliers and service providers last year, representing about 83% of our total spend in-country," said Mark Bristow, Barrick's president and chief executive. "Additionally, 75% of all our payments to suppliers and service providers went to indigenous companies, exceeding our target of 61%."
Barrick noted that the 2024 production guidance from the Bulyanhulu and North Mara mines exceeded 500,000 ounces, maintaining its status as a tier one asset.
"Barrick's work in Tanzania is a model for sustainable mining that balances economic, environmental, and social responsibility," Bristow said. "The recognition we have received, speaks to our commitment to excellence and the value we bring to our host countries."
Barrick's share price ticked 0.6% lower at last look to US$15.67 in NYSE pre-market trading.
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