Twiga Minerals Corporation, a joint venture established by Barrick and the government of Tanzania, has unveiled the acqui-sition of new licences in Tanzania by Bulyanhulu Gold Mine Limited, a local offshoot of the Canadian gold miner.
“Under the terms of the Purchase Agreement, the consideration pay-able by Bulyanhulu is $6 million … plus certain other contingent pay-ments,” Barrick said in a statement. “Bulyanhulu is required to invest a minimum of $9 million in the Licence Area over the course of the four years following the closing of the Transaction.”
Both the transaction and the private placement require the approval of the TSX Venture Exchange and the regulatory authorities in Tan-zania, among others, according to the statement.
“Closing of the Transaction and Private Placement is expected to oc-cur in the first quarter of 2022,” Barrick said.