A year since Barrick signed a deal with the government, the company has expressed its confidence over the mining sector, projecting better days ahead.
Last year, Barrick Gold ended its dispute with the government when the two sides agreed to form a joint venture in which the government of Tanzania owned stake in the three mines of Buzwagi, Bulyanhulu and North Mara.
The government owns 16 percent equity in Twiga Minerals Corporation which was formed to replace Acacia Mining that was accused of tax evasions and operating illegally.
Barrick chief executive officer. who doubles as chairman of Twiga Minerals Corporation, Mark Bristow, who briefed the media on Thursday said they have successfully revived North Mara and Bulyanhulu, promising more investment.
“These mines are now very different businesses,” said Mr Bristow after a board meeting he chaired at Bulyanhulu.
According to him, North Mara delivered significant improvements and underground production restarted at Bulyanhulu.