Barrick gold pays Tanzania government initial $100 million

0
134

Tanzania government yesterday, May 26, received $100 million from Barrick gold which is the first tranche of $300 million agreed as a goodwill gesture to end the dispute between the two parties.

In 2017, Tanzania’s government accused the Acacia Mining of operating illegally in the country. In 2019, the two sides signed a deal to settle a long-running tax dispute of $300 million to be paid to the Tanzanian government.

The two sides formed a jointly owned Twiga Minerals Corporation in which the government of Tanzania has 16 per cent free.

The Minister for Finance and Planning Dr Philip Mpango who received the cheque from the company’s representatives for the payment congratulated Barrick for implementing their agreement.

Twiga Minerals has resumed exports of gold concentrate after receiving clearance for its first shipments since the lifting of a government ban imposed during a tax dispute with its partner. The Tanzania government banned the exporting of mineral concentrate by Acacia over tax evasion.

LEAVE A REPLY

Please enter your comment!
Please enter your name here