Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) has significantly bolstered the Tanzanian economy, injecting over $4.24 billion since establishing the Twiga joint venture with the government in 2019.
In 2024 alone, the contribution amounted to $888 million. Twiga, encompassing the North Mara and Bulyanhulu gold mines, continues to lead in Tanzania’s extractive industry by creating thousands of jobs, supporting local businesses, and funding critical community projects.
Barrick president and chief executive Mark Bristow highlighted Twiga’s achievements at a media briefing.
“We spent $573 million on national suppliers and service providers last year, representing about 83% of our total spend in-country. Additionally, 75% of all our payments to suppliers and service providers went to indigenous companies, exceeding our target of 61%,” Bristow said.
Thanks to Barrick’s policy of local employment and advancement, 96% of its 6,185-strong workforce are nationals, with 53% coming from communities neighboring the mines.
Barrick also invested over $5 million during the year in potable water, healthcare, and education, bringing the total investment in community projects to $15.8 million since the Twiga partnership’s inception.
Bulyanhulu and North Mara’s production guidance for 2024 exceeded 500,000 ounces, maintaining their status as a Tier One complex.
Both mines also achieved a full year without a Lost-Time Injury, showcasing their commitment to safety and operational excellence.
Buzwagi made significant progress with its closure implementation, focusing on water management and vegetation maintenance.
A Special Economic Zone (SEZ) is in advanced stages of development, attracting investor interest, with one already obtaining Export Processing Zone registration.
The Barrick Academy, opened at Buzwagi in 2024, is making strides in talent development, training 1,700 individuals so far and aiming to exceed 2,800 by the end of 2025.
Conversion drilling at both mines has replenished reserves, while ongoing exploration in the Nzega District has added over 2,000km² of new areas to support mineral reserve growth.
Twiga received numerous accolades last year, including recognition for its safety, top employer status, environmental performance, and community engagement.
North Mara was acknowledged as the largest economic contributor in Tanzania’s extractive industry, earning awards for 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 have received speaks to our commitment to excellence and the value we bring to our host countries.”
Socio-Economic Impact
The socio-economic impact of Barrick’s operations in Tanzania is profound. The increased local spending and investment have created a ripple effect, boosting local businesses and fostering economic growth.
The substantial investment in community projects has improved living standards, providing access to essential services such as clean water, healthcare, and education.
The mining sector’s performance has also contributed to Tanzania’s standing in the global market.
The steady production of gold bolsters the country’s exports, enhancing its trade balance and attracting further investment. This positive economic impact reinforces Tanzania’s position as a significant player in the global mining industry.
The Twiga partnership’s success highlights the importance of collaboration between governments and private enterprises in driving sustainable development.
By focusing on local employment, supporting community projects, and maintaining high safety standards, Barrick Gold Corporation sets a benchmark for responsible mining practices globally.
As the mining sector continues to thrive, Tanzania is poised to experience sustained economic growth and enhanced global market integration.
The ongoing efforts in exploration and talent development ensure that the industry remains robust, contributing to the country’s long-term economic stability and prosperity.
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