Barrick Mining and Tanzania Forge Partnership for Economic Growth
Tanzania, Monday, 7 July 2025.
Barrick Mining Corporation partners with Tanzania to revitalize its mining sector, promising shared value and sustainable development. This partnership highlights economic growth and sets a precedent for future collaborations.
Introduction to the Partnership
On July 6, 2025, Barrick Mining Corporation (NYSE: GOLD, TSX: ABX) announced its strategic partnership with the Tanzanian government, aimed at enhancing the mining sector’s role in national development. This alliance focuses on operational excellence, long-term investment, and delivering shared value to the Tanzanian economy [1][3].
Investment and Indigenous Empowerment
Since Barrick began operations in Tanzania in 2019, the company has significantly contributed $4.79 billion to the local economy, with $558 million injected in the first half of 2025. This investment emphasizes Barrick’s commitment to local integration, with over 90% of procurement from Tanzanian suppliers, a majority of which are indigenous companies. Furthermore, 96% of the workforce is Tanzanian, highlighting the company’s focus on local employment and skills development [1][2].
Infrastructure and Technological Advancements
Barrick continues to enhance its Tanzanian infrastructure, with the Upper West decline development at Bulyanhulu well underway. Improvements in ventilation and dewatering systems have unlocked production bottlenecks, ensuring efficiency. Notably, at the North Mara site, a newly commissioned battery energy storage system has improved power reliability, and resettlement activities are nearing completion [1][2][3].
Future Plans and Sustainability
Looking ahead, Barrick is investing actively in exploration to secure its operational future in Tanzania. Current drilling programs target resource extensions and greenfields prospects, while airborne geophysics and drilling are planned for Siga and Nzega regions. Additionally, the closure of the Buzwagi mine brings new life as a Special Economic Zone being developed, with the training of more than 2,800 supervisors and foremen anticipated by year-end 2025 [1][2].