Twiga Pays Maiden Dividend

Rhea-AI Summary

Twiga Minerals Corporation, a joint venture between the Tanzanian government and Barrick Gold Corporation (NYSE:GOLD), has announced a maiden interim cash dividend of $250 million. This payment aligns with Barrick's ongoing commitment to create value for stakeholders through a 50/50 partnership.

Since acquiring Acacia Mining's assets over a year ago, Barrick has contributed approximately $205 million to the Tanzanian government in taxes, royalties, and dividends, reinforcing its dedication to fulfilling financial obligations and settling prior disputes.

Positive

• Paid a maiden interim cash dividend of $250 million.
• Contributed approximately $205 million to the Tanzanian government in taxes, royalties, and dividends.

Negative

• Potential risks associated with future financial performance due to uncertainties in operating conditions.

All amounts expressed in US dollars

DAR ES SALAAM, Tanzania, Oct. 13, 2020 (GLOBE NEWSWIRE) -- Twiga Minerals Corporation, the joint venture between the Tanzanian government and Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX), has paid a maiden interim cash dividend of $250 million in line with Barrick’s commitment to generate value for all stakeholders through the 50/50 partnership.

Since Barrick took over the former Acacia Mining’s assets in Tanzania just over a year ago, it has paid approximately $205 million to the government in taxes, royalties and dividends in addition to the first payment tranche under the two parties’ agreement to settle pre-Barrick disputes.

Barrick Enquiries:
Kathy du Plessis 
Investor and Media Relations 
+44 20 7557 7738
Email: barrick@dpapr.com
Website: www.barrick.com

Cautionary Statement on Forward-Looking Information
Certain information contained in this press release, including any information as to Barrick’s strategy, plans, or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The word “commitment” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to Barrick’s strategy to generate value for all stakeholders through the payment of cash dividends pursuant to the 50/50 partnership with Twiga Minerals Corporation.

Forward-looking statements are necessarily based upon a number of estimates and assumptions; including material estimates and assumptions related to the factors set forth below that, while considered reasonable by Barrick as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements, and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release.

Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

FAQ

What was the cash dividend amount paid by Barrick Gold on October 13, 2020?

Barrick Gold paid a cash dividend of $250 million.

How much has Barrick Gold contributed to the Tanzanian government since acquiring Acacia Mining's assets?

Barrick Gold has contributed approximately $205 million to the Tanzanian government in taxes, royalties, and dividends.

What is the significance of the partnership between Barrick Gold and Twiga Minerals Corporation?

The partnership signifies a 50/50 collaboration aimed at generating value for all stakeholders.

Are there any forward-looking statements in Barrick Gold's press release?

Yes, the press release contains forward-looking statements regarding Barrick's strategy and future performance.

What are the risks mentioned in Barrick Gold's press release?

The risks include business, economic, and competitive uncertainties that may impact future results.