New Barrick CEO eyes miners' alliance to fix Tanzania tax row
Mark Bristow says fixing Barrick’s mounting problem in Tanzania could require a collective strategy
IN SUMMARY
- In an increasingly acrimonious conflict that has lasted almost two years, the government has torn up mining contracts, hiked taxes and royalties, and banned raw minerals exports.
- President John Magufuli, nicknamed “The Bulldozer”, swept to power in 2015 pledging to secure a bigger share of resource wealth and cut corruption.
Barrick Gold’s incoming chief executive said he wants to pull together Tanzania’s mining industry to tackle a “desperate” tax dispute that has snared several companies, including the firm’s Acacia Mining unit.
In an increasingly acrimonious conflict that has lasted almost two years, the government has torn up mining contracts, hiked taxes and royalties, and banned raw minerals exports.
President John Magufuli, nicknamed “The Bulldozer”, swept to power in 2015 pledging to secure a bigger share of resource wealth and cut corruption.
Acacia was later handed a $190 billion tax bill - about four times the country’s gross domestic product - for underreporting output
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