Loading ...Canada’s Barrick Gold (TSX: ABX) (NYSE: GOLD) said on Friday it has been granted 10 new exploration licenses in Tanzania, where it was until recently locked in a long-dragged out conflict over taxes and mine ownership for almost three years.
The Toronto-based miner, which operates three mines in the African country through Twiga Minerals, added it would spend $8 million carrying out exploration in Tanzania this year.
Twiga Minerals was born last year after Barrick and Tanzania reached an agreement that made the gold giant pay $300 million to settle outstanding tax and other disputes.
The deal also included the lifting of a concentrate export ban and the sharing of future economic benefits from Barrick’s operations in the country on a 50-50 basis.