Tanzania president, Barrick CEO meet to review Twiga partnership progress

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(Reuters) - Tanzanian President Samia Suluhu Hassan and Barrick Gold Corp top boss Mark Bristow met on Wednesday to review progress at the Canadian miner’s operations in the African country, a meeting that Bristow called “highly constructive”.

Barrick oversees the management of its assets in Tanzania through Twiga Minerals Corp, a joint venture formed in 2019 between the company and the government of Tanzania following a deal to settle a long-running tax dispute between the parties.

Twiga Minerals manages the Bulyanhulu, North Mara and Buzwagi mines in Tanzania.

“We see the potential for more world-class gold discoveries here, but in order to achieve exploration success, we need to keep turning over our licences and assessing new ground,” Bristow said in a statement.

The process of acquiring new licences is ongoing, he said.

In 2020, the government received more than $370 million in cash inflows from the Twiga partnership through taxes and dividends, the company said.

Reporting by Rithika Krishna in Bengaluru; Editing by Devika Syamnath