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Barrick Gold ‘s Twiga partnership with the Tanzanian government is contributing 51% of the government’s revenue from the extractive industry, according to the latest Tanzania Extractive Industry Transparency Initiative report. The partnership, comprising the North Mara and Bulyanhulu gold mines, also led the industry’s safety performance. Ongoing brownfields exploration around these mines continues to define additional opportunities to replace and expand depleted reserves.
The company’s Future Forward Education initiative has completed its first $10 million phase, expanding infrastructure at 64 schools. Two more $10 million phases are planned. The Barrick Academy has trained over 1,000 employees and aims to train more than 2,000 this year. Barrick has also referred recent allegations of human rights abuses at North Mara Mine to the Tanzanian Commission of Human Rights and Good Governance, which found no evidence of violations.
La partnership di Barrick Gold con il governo tanzaniano contribuisce al 51% delle entrate governative provenienti dall’industria estrattiva, secondo l’ultimo rapporto dell’Iniziativa per la Trasparenza dell’Industria Estrattiva della Tanzania. La partnership, che comprende le miniere d’oro North Mara e Bulyanhulu, ha anche guidato le prestazioni di sicurezza dell’industria. Le esplorazioni in corso nelle aree già sfruttate intorno a queste miniere continuano a definire ulteriori opportunità per sostituire ed espandere le riserve esaurite.
L’iniziativa Future Forward Education dell’azienda ha completato la sua prima fase da 10 milioni di dollari, espandendo le infrastrutture in 64 scuole. Sono previsti altri due fasi da 10 milioni di dollari. L’Academy Barrick ha formato oltre 1.000 dipendenti e punta a formare più di 2.000 quest’anno. Barrick ha anche riferito recenti accuse di violazioni dei diritti umani alla Commissione tanzaniana per i diritti umani e il buon governo, che non ha trovato prove di violazioni.
La asociación de Barrick Gold con el gobierno tanzaniano está contribuyendo con el 51% de los ingresos del gobierno provenientes de la industria extractiva, según el último informe de la Iniciativa de Transparencia de la Industria Extractiva de Tanzania. La asociación, que incluye las minas de oro North Mara y Bulyanhulu, también ha liderado el desempeño en seguridad de la industria. La exploración continua en terrenos agotados alrededor de estas minas sigue definiendo oportunidades adicionales para reemplazar y expandir las reservas agotadas.
La iniciativa de Educación Future Forward de la compañía ha completado su primera fase de 10 millones de dólares, expandiendo la infraestructura en 64 escuelas. Se planean otras dos fases de 10 millones de dólares. La Academia Barrick ha capacitado a más de 1.000 empleados y tiene como objetivo formar a más de 2.000 este año. Barrick también ha referido las recientes alegaciones de abusos a los derechos humanos en la mina North Mara a la Comisión tanzaniana de Derechos Humanos y Buen Gobierno, que no encontró evidencia de violaciones.
Barrick Gold의 탄자니아 정부와의 파트너십은 최근 탄자니아 추출 산업 투명성 이니셔티브 보고서에 따르면 정부의 추출 산업 수익의 51%를 차지하고 있습니다. 이 파트너십에는 North Mara와 Bulyanhulu 금광이 포함되어 있으며, 또한 산업 안전 성과를 이끌었습니다. 현재 진행 중인 브라운필드 탐사는 이러한 광산 주변에서 고갈된 매장량을 대체하고 확장할 추가 기회를 지속적으로 정의하고 있습니다.
회사의 Future Forward Education 이니셔티브는 첫 번째 1천만 달러 단계를 완료하고 64개 학교의 인프라를 확장했습니다. 두 개의 추가 1천만 달러 단계가 계획되어 있습니다. Barrick 아카데미는 1,000명 이상의 직원을 교육했으며 올해 2,000명 이상 교육할 계획입니다. Barrick는 또한 North Mara 광산에서 발생한 인권 침해에 대한 최근 주장을 탄자니아 인권 및 선거 관리 위원회에 회부했으며, 위원회는 위반 사실을 발견하지 못했습니다.
Le partenariat de Barrick Gold avec le gouvernement tanzanien contribue à hauteur de 51 % des revenus du gouvernement tirés de l’industrie extractive, selon le dernier rapport de l’Initiative pour la Transparence de l’Industrie Extractive de Tanzanie. Le partenariat, qui comprend les mines d’or North Mara et Bulyanhulu, a également conduit la performance en matière de sécurité de l’industrie. Les explorations en cours dans des sites déjà exploitables autour de ces mines continuent de définir des opportunités supplémentaires pour remplacer et étendre les réserves épuisées.
L’initiative Future Forward Education de l’entreprise a achevé sa première phase de 10 millions de dollars, en améliorant les infrastructures dans 64 écoles. Deux autres phases de 10 millions de dollars sont prévues. L’Académie Barrick a formé plus de 1.000 employés et vise à en former plus de 2.000 cette année. Barrick a également renvoyé des allégations récentes de violations des droits de l’homme à la Commission tanzanienne des droits humains et de la bonne gouvernance, qui n’a trouvé aucune preuve de violations.
Die Partnerschaft von Barrick Gold mit der Regierung Tansanias trägt laut dem neuesten Bericht der Tansanischen Initiative für Transparenz im Rohstoffsektor 51 % der Einnahmen der Regierung aus der Rohstoffindustrie bei. Die Partnerschaft, die die Goldminen North Mara und Bulyanhulu umfasst, hat auch die Sicherheitsleistung der Branche angeführt. Die fortlaufende Erkundung von Altstandorten rund um diese Minen definiert weiterhin zusätzliche Möglichkeiten zur Ersetzung und Erweiterung erschöpfter Reserven.
Die Future Forward Education Initiative des Unternehmens hat ihre erste Phase über 10 Millionen Dollar abgeschlossen und die Infrastruktur in 64 Schulen erweitert. Zwei weitere Phasen über je 10 Millionen Dollar sind geplant. Die Barrick Academy hat über 1.000 Mitarbeiter ausgebildet und plant, in diesem Jahr mehr als 2.000 auszubilden. Barrick hat auch die jüngsten Vorwürfe von Menschenrechtsverletzungen in der North Mara Mine an die Tansanische Kommission für Menschenrechte und gute Regierungsführung verwiesen, die keine Beweise für Verstöße fand.
Positive
- Twiga partnership contributing 51% of Tanzania’s extractive industry revenue
- North Mara and Bulyanhulu mines leading industry safety performance
- Ongoing exploration defining opportunities to replace and expand reserves
- $30 million investment in education infrastructure through Future Forward initiative
- Barrick Academy on track to train over 2,000 employees in 2024
Negative
- Allegations of human rights abuses at North Mara Mine, though refuted by government investigation
All amounts expressed in US dollars unless stated otherwise
BULYANHULU, Tanzania, Oct. 05, 2024 (GLOBE NEWSWIRE) — The Twiga partnership between Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) and the Tanzanian government is contributing 51% of the government’s revenue from the extractive industry, according to the latest report of the Tanzania Extractive Industry Transparency Initiative. Twiga comprises the North Mara and Bulyanhulu gold mines.
Both mines also led the industry’s safety performance, with Bulyanhulu winning this year’s Occupational Safety and Health Award and North Mara named as the best company for caring for workers with special needs by Tanzania’s Occupational Safety and Health authority.
Speaking to the media and local stakeholders here today, Barrick president and chief executive Mark Bristow said ongoing brownfields exploration around its Bulyanhulu and North Mara mines continued to define additional opportunities to replace and expand depleted reserves, further supporting their life of mine flexibility. In addition, good progress had been made in defining new greenfield areas of interest with potential to add new mines to the company’s portfolio.
Bristow said the Barrick-Twiga Future Forward Education initiative had completed its first phase, with Barrick financing a $10 million infrastructure expansion at 64 schools, including the construction of 396 classrooms, 97 dormitories and 600 ablution blocks. The program’s second phase is planned to start in the fourth quarter of this year with another $10 million investment which will be followed by a further $10 million third phase.
Meanwhile the Barrick Academy, inaugurated at the beginning of the year by the Minister of Minerals at the closed Buzwagi mine, has already trained more than 1,000 foremen, supervisors and superintendents from across the company’s Africa and Middle East region. The Academy is on track to meet its target of training more than 2,000 people this year.
Bristow said in line with Barrick’s commitment to transparency, it had referred the latest in a series of allegations of human rights abuses at the North Mara Mine to the Tanzanian Commission of Human Rights and Good Governance. Following a site visit and investigation, the Commission has completed a report confirming that there was no evidence of human rights violations, refuting allegations made by certain international NGOs.
Barrick Enquiries
Tanzania country manager
Melkiory Ngido
+255 686 945 222
Corporate communications and country liaison manager
Georgia Mutagahywa
+255 754 711 215
georgia.mutagahywa@barrick.com
Group investor and media relations
Kathy du Plessis
+44 20 7557 7738
barrick@dpapr.com
Website: www.barrick.com
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “on track”, “ongoing”, “continue”, “opportunity”, “progress”, “potential”, “can”, “should”, “would”, “will”, and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Barrick’s partnership with the Government of Tanzania; our ability to convert resources into reserves and replace reserves net of depletion from production; Barrick’s global exploration strategy and planned exploration activities, including greenfields and brownfields opportunities in Tanzania; and Barrick’s sustainability initiatives in Tanzania, including local community relations, continued investments in community projects, training and skills development and economic contributions.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; changes in national and local government legislation, taxation, controls or regulations and/ or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in Tanzania and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; changes in mineral production performance, exploitation, and exploration successes; the possibility that future exploration results will not be consistent with the Company’s expectations; disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or all of Barrick’s targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; litigation and legal and administrative proceedings; employee relations including loss of key employees; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations relating to related to greenhouse gas emission levels, energy efficiency and reporting of risks; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
FAQ
What percentage of Tanzania’s extractive industry revenue does Barrick’s Twiga partnership contribute?
According to the latest Tanzania Extractive Industry Transparency Initiative report, Barrick Gold ‘s (NYSE:GOLD) Twiga partnership with the Tanzanian government contributes 51% of the government’s revenue from the extractive industry.
How much is Barrick investing in its Future Forward Education initiative in Tanzania?
Barrick Gold (NYSE:GOLD) is investing a total of $30 million in its Future Forward Education initiative in Tanzania, divided into three phases of $10 million each.
How many employees has the Barrick Academy trained in 2024?
The Barrick Academy has already trained more than 1,000 foremen, supervisors, and superintendents from across Barrick Gold ‘s (NYSE:GOLD) Africa and Middle East region in 2024, with a target to train more than 2,000 people by the end of the year.
What was the outcome of the human rights investigation at Barrick’s North Mara Mine?
The Tanzanian Commission of Human Rights and Good Governance investigated allegations of human rights abuses at Barrick Gold ‘s (NYSE:GOLD) North Mara Mine and found no evidence of human rights violations, refuting claims made by certain international NGOs.
