Barrick Secures 15-Year License Renewal for Tanzania Mine

The Tanzanian government has renewed Barrick Mining's (TSX:ABX,NYSE:B) special mining licenses for the North Mara gold mine for 15 years, securing the company's operating rights at the site through 2041.

Barrick operates North Mara through Twiga Minerals, a joint venture established in 2019 that grants the Tanzanian government a 16 percent free-carried interest and mandates an equal split of the economic benefits.

“This is an important milestone for North Mara and for our partnership with Tanzania,” Seb Bock, CEO of Barrick’s Rest of World business, said in the announcement. “Since 2019, we’ve worked with the Government of Tanzania and local communities to build a stronger partnership and to create more opportunities for all Tanzanians. At the core of our business is building partnerships of real depth and trust with all stakeholders, and this renewal reflects that commitment.”

Since assuming control of the operations five years ago, Barrick has invested approximately US$5.3 billion into the national economy. In 2025 alone, Barrick contributed US$1.2 billion through taxes, royalties, salaries, dividends, and local procurement.

The government subsequently recognized the company as its top dividend payer and highest revenue contributor for the year.

The workforce at North Mara now consists of 96 percent Tanzanian nationals, with nearly half drawn from the immediate communities surrounding the mine. Furthermore, indigenous and locally registered companies fulfill more than 90 percent of the site's procurement requirements.

The license renewal is only trailed by the recent resolution of labor tensions at another major Barrick operation in West Africa.

Last week, the company signed a new collective bargaining agreement with unions at the Loulo-Gounkoto gold mine in Mali, averting a planned work stoppage.

"We confirm that we have signed a new Collective Bargaining Agreement with the LG unions," a Barrick spokesperson stated on Sunday.

Workers at Somilo SA, Gounkoto SA, and catering contractor Food & Events Africa had threatened to strike by late September if management failed to address 15 demands, including overtime pay, mission expense reimbursements, and the implementation of prior labor agreements.

Mali, a leading African gold producer, introduced a revised mining code in 2023 to increase state revenues from natural resources. Operating under the military-led government, Barrick temporarily suspended operations in January 2025 amid the arrests of several employees and an arrest warrant for the company's former CEO Mark Bristow over alleged financial crimes.

The company ultimately resolved a two-year dispute with Bamako over profit-sharing and operational control in November 2025.

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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.