Barrick Secures 15-Year Gold Mining License in Tanzania

Canadian mining giant Barrick has secured a 15-year license to continue gold mining operations in Tanzania, reinforcing its long-term commitment to the country. The company operates the North Mara mine through a joint venture with the Tanzanian government called Twiga Minerals. Under the terms of an agreement established in 2019, Tanzania holds a 16% stake in Barrick’s local operations, with both parties sharing economic benefits equally.

Seb Bock, CEO of Barrick’s Rest of World business, highlighted the significance of the license renewal, stating, “This is an important milestone for North Mara and for our partnership with Tanzania.” He emphasized the company’s efforts to build a stronger relationship with the government and local communities since 2019, focusing on creating opportunities for Tanzanians.

Since taking control of its Tanzanian operations in 2019, Barrick claims to have contributed approximately $5.3 billion to the Tanzanian economy. This includes $1.2 billion in 2025 through taxes, royalties, salaries, dividends, and local procurement. The Tanzanian government recognized Barrick as its top dividend payer and highest revenue contributor for the year.

The license renewal follows a 2019 settlement that resolved disputes over taxes, exports, and revenue sharing. Under that deal, Barrick agreed to pay Tanzania $300 million, while the government secured a 16% stake and a 50:50 economic benefit-sharing arrangement.