WHO says suspected outbreak of Marburg disease kills 8 in a remote part of Tanzania
Gold miners sign ‘truce deal’ with Tanzania
9:11 CAT | 24 Jan 2020
File photo: Barrick Gold Corporation
Tanzania’s government and the international gold mining company Barrick Gold have signed a deal to end their long-standing tax dispute.
Relations between them faltered in 2017, when Tanzania accused the mining company of tax evasion and under-reporting its gold exports.
It went on to ban gold concentrate exports and slapped Barrick with a $190bn (£145bn) tax bill, equivalent to almost 200 years’ worth of the firm’s revenue.
In October the two parties announced they had reached an agreement, stating that:
- Barrick is to pay $300m to settle outstanding tax and other disputes
- Tanzania is to lift its ban on concentrate exports
- Future mining profits are to be shared on a 50-50 basis
- A new joint-venture firm, Twiga Minerals, is to manage three mining companies in north-western Tanzania
President John Magufuli said on Friday that the new deal means “there will be no cheating in the mining sector”.
Since coming to power President Magufuli has been keen to extract more income from the country’s natural resources.
Barrick back in business in Tanzaniahttps://t.co/qF5GJJtMAG#Barrick#Twiga#Tanzania pic.twitter.com/ETFGHrJ6Fr
— Barrick Gold Corporation (@BarrickGold) January 24, 2020
Source: BBC
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