Bullion major Barrick Gold president and CEO Mark Bristow on Thursday described the late President of Tanzania, John Magufuli, as a "visionary statesmen who saw the value of a thriving mining sector".

Magufuli died on Wednesday at the age of 61 from a heart condition.

In a statement mourning the loss, Bristow said Magufuli partnered with Barrick to create Twiga Minerals - a joint venture that would "stand as a monument to the late President's foresight".

Twiga manages Barrick's mines in Tanzania and shares the economic benefits they generate equally between the company and its stakeholders in that country.

Bristow said Twiga should serve as a model for future partnerships between governments and mining companies in Africa.

Twiga which manages the Bulyanhulu, North Mara and Buzwagi mines formerly operated by Acacia Mining Company under Barrick Gold was formed in 2020 after the government and Barrick reached an agreement to settle disputes in the latter's mining operations in Tanzania.

The new company is owned for 84 per cent by Barrick and 16 per cent by the government.

The terms of the agreement include the payment of $300 million to settle all outstanding tax and other disputes; the lifting of the concentrate export ban; the sharing of future economic benefits from the mines on a 50/50 basis; and the establishment of a unique, Africa-focused international dispute resolution framework.

Copyright Tanzania Daily News. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English