ABG recommits over 16bn/- for community projects

The African Barrick Gold (ABG) has recommitted over 16bn/- to its Maendeleo Fund to development in its host communities across the country this year.

While this involves capacity building, access to health, education and water and environment projects,they have also invested in a water processing facility for seven villages in north Mara area, which ABG's Vice-President Corporate Affairs Deo Mwanyika, said that had cost over US$20million.

He said they were pleased to report on the progress made by the ABG Maendeleo Fund since its launch in September 2011. 

Mr Mwanyika said the Fund had spearheaded ABG's community investment programmes in Tanzania over the past 18 months and has supported over 50 projects worth approximately US$7.5 million (approximately 12bn/-) in that time.

The ABG CEO, Mr Greg Hawkins, said the ABG Maendeleo Fund was created as part of our commitment to promoting sustainable development in Tanzania and have already seen a tangible impact from our investment in over 50 projects to date.

"We remain focused on ensuring that our host communities benefit from our operations and I am delighted to confirm we have re-affirmed our commitment of US$10 million (about 16bn/-) to the ABG Maendeleo Fund for 2013," he said.

He said projects receiving support are focused on supporting community development and capacity building, access to health, education and water and environment projects within the communities surrounding our operations.

He said ABG pays all overheads for administering the ABG Maendeleo Fund separately, which means 100 per cent of the Fund's expenditures go directly towards community projects. He said that to date, the ABG Maendeleo Fund has committed more than US$2.7 million (about 4.3bn/-) to help improve public health in communities near their mines.

He said the Fund has also committed around US$1.4 million (about 2.2bn/-) towards the provision of clean water and sanitation services. ABG is Tanzania's largest gold producer and one of the five largest gold producers in Africa.

ABG has four mines, all located in North West Tanzania (Bulyanhulu, Buzwagi, North Mara and Tulawaka), and several exploration projects at various stages of development in Tanzania and Kenya.

ABG is a UK public company with its headquarters in London, listed on the Main Market of the London Stock Exchange under the symbol ABG. Historically and prior to their initial public offering (IPO), their operations comprised the Tanzanian gold mining business of Barrick Gold Corporation (Barrick), the majority shareholder. ABG was cross-listed on the Dar es Salaam Stock Exchange (DSE) in two years ago. 

Source: The Daily News, www.dailynews.co.tz, reported by Orton Kiishweko in Dar es Salaam

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