African
Barrick Gold has voluntary agreed to pay additional one per cent royalty,
follows a number of positive development especially on current gold price environment.
ABG,
listed at Dar es Salaam Stock Exchange, says in a press statement issued
yesterday, that the royalty is addition to the current 3 per cent rate
stipulated in its MDA-- Mineral Development Agreements.
Commenting
on the news, CEO Greg Hawkins said: “This decision to pay an additional
voluntary royalty payment is an important step for ABG and one we have taken
after careful consideration.
“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.
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.”
The
ABG focus on building stronger relationships has enabled it to address a number
of legacy issues over the past year which will underpin the biggest gold miner
in the country license to operate and further develop its operations.
In
2011, ABG made a direct contribution to Tanzania of USD 176 million in taxes
borne and collected and spent a further USD 400 million with Tanzanian
registered suppliers and contractors.
Source: tzexchange.blogspot.com
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