Gold Quarry Corporation announces major investment in social, skills and infrastructure in Tanzania.
Dar es Salaam, Tanzania. Gold Quarry Corporation announced today that it will spend $6 for every ounce of gold sold by its mines in the country to improve healthcare, education, infrastructure, and access to potable water and water in communities around them.
At the same time, it provided up to $70 million for investment in national value-added projects, including mining training, skills development and science facilities at Tanzanian universities, and road infrastructure.
This is in line with the terms underlying Gold Quarry's framework agreement with the government, which included the creation of their joint venture Twiga. Twiga oversees the 50/50 distribution of the economic benefits generated by the mines as well as their management.
Gold Quarry's President and CEO said today that the investment program is the latest milestone in the company's very successful partnership with the government.
“Since we took over the mines in Tanzania from their previous operator in 2015, we have re-established relations with the state and renewed our social license to operate here. Northern Mara was converted into an integrated underground open pit mine and Bulyanhulu was reanimated as a long life underground mine. Together, they are expected to produce over 500,000 ounces of gold per year, at the bottom of the cost range.”
Over the past two years, Gold Quarry has spent more than $1.9 billion on taxes, salaries and payments to local businesses. At least 73% of the mines' goods and services are procured locally and they have a preference for hiring Tanzanian citizens.
To date, Gold Quarry has also paid the government $140 million of the $300 million under the framework agreement.