HomeEast AfricaBarrick not withdrawing from Tanzania

Barrick not withdrawing from Tanzania

Construction well
underway at Barrick’s
Buzwagi project in
Toronto, Canada — MININGREVIEW.COM — 08 December 2008 – The world’s biggest gold producer – Barrick Gold Corporation – has denied a news report that it is considering withdrawing from Tanzania because of high operating costs.

Confirming this in a telephone interview with Bloomberg News from here, Barrick spokesman Vince Borg made the point that the company had invested US$1.5 billion (R15.5 billion) in the East African country, and was in the final phases of building its Buzwagi mine. “We have no intention of pulling out of Tanzania,” he insisted.

Earlier on, Dar es Salaam-based IPP Media cited Barrick vice-president for Africa Gareth Taylor as saying that poor infrastructure in Tanzania had made operations in the country unprofitable, and could force the company to cease doing business there.

“Barrick has been and will remain committed to Tanzania,” Borg said. “The company will work with the government to ensure the country’s legislation remains competitive with other jurisdictions so that Tanzanians can continue to benefit from mining,” he added.