Barrick’s impact in Tanzania

Barrick’s impact in Tanzania

Mining giant Barrick continues to contribute significantly to the Tanzanian economy.   

By Leon Louw founder of WhyAfrica and editor of the WhyAfrica magazine.

The highlight of WhyAfrica’s 2024 Road Trip through South Africa, Zimbabwe, Mozambique, Malawi, Tanzania and Kenya was visiting all three of mining giant Barrick’s gold projects in Tanzania.

Barrick has been operating the Buzwagi, Bulyanhulu and North Mara gold mines in Tanzania since 1999, originally through its subsidiary Acacia Mining. Barrick acquired Acacia in 2019 and today the company is one of the largest foreign investors in Tanzania’s mining sector.

Although it was never a smooth ride for Acacia Mining in Tanzania, the relationship broke down completely under now deceased President John Magufuli which resulted in several legal and financial disputes.

The birth of Twiga

In 2019, Barrick reached an agreement with the Tanzanian government. The agreement resulted in the establishment of a new operating company called Twiga Minerals Corporation (Twiga) to manage Bulyanhulu, North Mara and Buzwagi.

In terms of the agreement the Tanzanian government were given a 16% stake in all three mines. In return, the Tanzanian government lifted its export ban on mineral concentrates and resolved many of the legal issues that had clouded the relationship between Acacia (later Barrick) and Tanzania.

Barrick’s impact in Tanzania remains significant. Since the Twiga deal this Joint Venture has contributed almost 51% of the government’s revenue from the entire Tanzania extractive industry (according to the latest report from the Tanzania Extractive Industry Transparency Initiative).

Barrick on the road trip   

In picture is the team at Bulyanhulu with a copy of the WhyAfrica Road Trip magazine. This magazine travelled 9000km with us through Africa and we handed out printed copies at all project sites to the decision makers that really matter.

Read more about Barrick, the company’s massive impact on Africa mining and about its continued exploration push in Tanzania in the exclusive January issue of the WhyAfrica magazine that will be available soon.

This magazine will be available in digital format and print. The digital copy will be on display on the homepage of the WhyAfrica website for three months, while the exclusive printed copies will be handed out at handpicked, impactful conferences focussing on Africa as well as to all captains of industry we interview throughout 2025.

WhyAfrica would like to thank Barrick and all the staff members at Buzwagi, Bulyanhulu and North Mara for their warm hospitality and amazing welcome. Being on the ground and in the company of passionate and loyal mining professionals and geologists for five full days in Barrick’s amazing mining villages in Tanzania was an incredible experience.

WhyAfrica’s next Road Trip through Africa departs again on 15 August 2025. If you want to be part of the 2025 WhyAfrica Road Trip story, contact us asap.

Barrick’s impact in Tanzania