Five Years ON, Barrick’S Twiga Partnership Delivers Growth and Shared Value FOR Tanzania
PRESS RELEASE
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All amounts expressed in US dollars
FIVE YEARS ON, BARRICK’S TWIGA PARTNERSHIP
DELIVERS GROWTH AND SHARED VALUE FOR TANZANIA
Bulyanhulu Gold Mine, Tanzania, July 7, 2025 – Five years after its formation, the Twiga partnership
between Barrick Mining Corporation (NYSE:B)(TSX:ABX) and the government of Tanzania continues to
redefine the role of mining in national development, delivering shared value, operational excellence and
long-term investment in the country’s future.
Speaking at a media briefing here today, Barrick president and chief executive Mark Bristow said the
partnership had created a sustainable model for mineral development in Tanzania.
“When we established Twiga, it was about more than just resolving legacy issues. It was about building
a new future by unlocking Tanzania’s gold endowment in a way that fairly shares the benefits and builds
lasting value for all stakeholders. Five years on, we’ve not only re-established Barrick as the sector’s
leading economic contributor but have also earned national recognition across a range of areas from
safety and local content to education and infrastructure,” Bristow said.
Since Barrick took operational control in 2019, the company has injected $4.79 billion into the Tanzanian
economy, including $558 million in the first half of 2025 alone. More than 90% of procurement continues
to be with Tanzanian suppliers, the majority of whom are indigenous companies, and 96% of our
workforce is Tanzanian with 49% coming from communities around the mine.
A standout example of the Twiga partnership in action is the Future Forward education programme, a
joint $30 million investment by Barrick and the government, with the President’s office, aimed at
expanding school infrastructure across the country. Now in its second phase, the programme is set to
provide classroom space for an additional 45,000 pupils.
Barrick’s Tanzanian mines continue to deliver in line with guidance. At Bulyanhulu, development of the
Upper West decline is well advanced, supported by the arrival of a new fleet and improved access
through expanded infrastructure. The mine has benefit ed from focused investment in ventilation and
dewatering systems. These improvements are unlo cking bottlenecks, improving flexibility and
positioning Bulyanhulu to produce gold for decades to come.
At North Mara, a newly commissioned battery energy storage system is addressing power reliability,
while underground and open-pit mining are progressing according to plan. Community resettlement
activities are nearing completion, and the mine continues to build trust and its social license.
“Our partnership with host communities is fundamental to our presence in Tanzania. We’ve had to work
hard to rebuild relationships, particularly around North Mara, and we are seeing the benefits of consistent
engagement and delivery on our commitments,” he said.
BARRICK MINING CORPORATION PRESS RELEASE
At the same time, Barrick is actively investing in exploration to secure the future of its Tanzanian
operations. Current drilling programmes are targeting resource extensions at Gokona and Gena within
the North Mara complex, and along Reef 1 and Reef 2 style structures in the Bulyanhulu inlier. Airborne
geophysics and drilling are also planned for the newly consolidated Siga and Nzega greenfields
prospects. These endeavours are aimed at replacing the ounces being mined today and building a
healthy pipeline for tomorrow.
Even at Buzwagi, now in closure, the focus remains on long-term value creation. A Special Economic
Zone is being developed there with several investors already engaged. The Barrick Academy is on track
to train more than 2,800 supervisors and foremen from across the region by year-end, furthering Barrick’s
contribution to the development of Africa’s mining talent.
“Our commitment to Tanzania didn’t end when the ore ran out at Buzwagi. We’re leaving behind
infrastructure and institutions that will benefit the country well into the future,” said Bristow.
Reflecting on Twiga’s five-year journey, Bristow said the partnership had not only stabilized operations
but created a platform for long-term value delivery through shared ownership, local empowerment, and
a responsible approach to development.
“Twiga is more than a company. It is a model for what mining can be when it’s done right, in partnership
and with purpose,” he said.
Barrick Enquiries
Tanzania country manager
Melkiory Ngido
+255 686 945 222
Group investor and media relations
Kathy du Plessis
+44 20 7557 7738
BARRICK MINING CORPORATION PRESS RELEASE
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expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including,
without limitation, with respect to: Barrick’s partnership with the Government of Tanzania; our ability to convert resources in to
reserves and replace reserves net of deplet ion from production; Barrick’s global exploration strategy and planned exploration
activities, including greenfields and brownfields opportunities in Tanzania; and Barrick’s sustainability initiatives in Tanzan ia,
including local community relations, continued investments in community projects, training and skills development and economic
contributions.
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should not be placed on such statements and information. Such fact ors include, but are not limited to: fluctuations in the spot
and forward price of gold, copper, or certain other commodities (s uch as silver, diesel fuel, nat ural gas, and electricity); th e
speculative nature of mineral exploratio n and development; changes in national and local government legislation, taxation,
controls or regulations and/ or changes in the administration of laws, policies and practices; expropriation or nationalization of
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increased costs and physical and transition risks related to c limate change, including extrem e weather events, resource
shortages, emerging policies and increased regulations relating to related to greenhouse gas emission levels, energy efficiency
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