Barrick Gold Corporation says it has made significant progress in reshaping the Tanzanian operations it consolidated through the take-over of Acacia Mining in September last year in order to create a sustainable business capable of long-term value creation for its stakeholders. At a signing ceremony with the President of the United Republic of Tanzania, Dr. John Pombe Magufuli, to formalize the establishment of a joint venture between Barrick and the government, the company said the joint venture, which will give the government full visibility of and participation in operating decisions made for and by the North Mara, Bulyanhulu and Buzwagi mines, was a pioneering move which would take Barrick’s policy of partnership with its host countries to a new level. The agreement also ratifies the creation of Twiga Minerals Corporation, the management company jointly owned by the government and Barrick, that will oversee the management of Barrick’s local operations, which are now owned 84% by Barrick and 16% by the government. The deal provides for a 50/50 sharing in the economic benefits generated by the mining operations after the recoupment of capital investments. Following today’s ceremony, there are a number of matters which Barrick and the government will work together to implement. In particular, Barrick will partner with the University of Dar es Salaam and commit up to $10 million in funding over a 10-year period for training and skills development in the mining industry, and will also commit up to $40 million to upgrade the road between Bulyanhulu and Mwanza as well as constructing a housing compound and related infrastructure.