BARRICK Gold Corporation has paid 100m USD --the first tranche of the 300m USD settle- ment the Canadian mining firm agreed with Tanzania to resolve the disputes it inherited from Acacia Mining.

"On behalf of the government, let me express our appreciation to Barrick's goodwill gesture and commitment to the new direction in the Tanzania mining industry, which has been agreed on by both parties for mutual benefits," said Dr Mpango.

The payment, he noted, was an implementation of the Framework Agreement between the government and Barrick Gold Corporation which was officially signed in January this year after nego- tiations between the two parties were concluded.

On his part, Barrick Gold Corporation President and Chief Executive Officer (CEO), Mr Mark Bristow, said these were landmark events that demonstrat- ed the strength of the partnership the company forged earlier this year through the formation of the jointly owned Twiga Minerals Corporation, which oversees the management of Barrick's opera- tions in the country.

On January 24, this year, the government and Barrick inked a historic mining deal after signing an agreement that redefined how the global leading gold miner will operate in the country.