Barrick Gold (TSX:ABX) (NYSE:GOLD) will finally be able to ship gold concentrate containers out of Tanzania, which have been sitting at Dar es Salaam Port for three years due to a dispute over taxes between the country and the gold giant’s now defunct subsidiary, Acacia Mining.
The decision comes four months after reaching a deal with Barrick, which ended the tax row and granted the government a stake in three gold mines operated by the Canadian gold giant through a joint venture — Twiga Minerals.
The shipping of about 1,600 containers of gold and copper concentrate from the Bulyanhulu and Buzwagi mines resumed in April, Barrick said. The first $100 million received from had been paid to the government, as part of the $300 million-settlement agreed on Jan. 24.
The Toronto-based miner said the initial payment will be followed by five annual payments of $40 million each.