- Barrick Gold – which jointly owns three gold mines with the Tanzania government – has recorded stellar performance in 2020 riding on high gold prices.
- The company that had a total net debt of more than $13 billion in 2013 has reported zero net debt as a result of strong 2020 financial performance.
Barrick Gold – which jointly owns three gold mines with the Tanzania government – has recorded stellar performance in 2020 riding on high gold prices.
The company that had a total net debt of more than $13 billion in 2013 has reported zero net debt as a result of strong 2020 financial performance. According to the chief executive officer Mark Bristow, Barrick has achieved a robust balance sheet, with strong liquidity of $5.2 billion in cash and an undrawn $3 billion credit facility.
The company entered into a joint venture with the government of Tanzania in 2020. The joint venture Twiga Minerals Corporation was formed to replace Acacia Mining that faced allegations of tax evasion. To settle outstanding taxes, Barrick agreed to pay $300 million and also agreed to share future economic benefits from the mines. Subsequently, the Tanzanian government lifted the export ban on concentrates. The Tanzanian government owns 16 percent equity in Twiga Minerals. The strong performance of the company in 2020 would also reflect on the share of government’s proceeds from the company’s investments in the country. Barrick has expressed its keenness to explore new opportunities in the gold industry.
