[miningmx.com] — AFRICAN Barrick Gold has agreed to a voluntary 1% royalty payment increase on the proceeds of its Tanzanian operations.
The African-focused gold producer said on Wednesday the payment would be in addition to the current 3% rate.
“As our results over the last two years have shown, the business is delivering strong financial returns given the strength in the gold price and it is important that our broader stakeholder base see the benefit of that,” said CEO Greg Hawkins.
“We believe that the mining industry has a well-founded regulatory framework in Tanzania which the government has fully respected, and this initiative is reflective of that and will further strengthen our operational platform over the long term.”
