Home  >  News  >  News Details

News Details

March 21, 2022

SMEs Empowered Through North Mara Local Business Development Program

North Mara Gold Mine, Tanzania – Barrick’s North Mara Mine has announced that 15 companies will graduate from its local business development program. Since the program’s launch in November 2021, four workshops and mentorships have been conducted to build the companies’ capabilities and help them take advantage of opportunities in the mining sector.

The program is implemented by Kengo in partnership with Barrick and College of Business Education (CBE) and has provided professional training and business consulting to small-to-medium sized enterprises (SMEs) to strengthen their skills and enable them to profit from the mining value chain. Barrick president and chief executive Mark Bristow says the program is a trailblazer in the mining sector and urged others to follow suit.

“We are proud to have led the way by successfully conducting this business development program, going above and beyond the mandated local content regulations. Local content is crucial for our operations and when we strengthen SMEs, we empower the surrounding community. Barrick will continue to support the development of small to medium size enterprises which are indispensable for economic growth,” he said.

The program has seen significant achievements such as the development of strategic plans for all participating companies, improved credit cycles, and the consolidation of new business opportunities.

The graduates have also benefitted through mentorship from the Ministry of Minerals, Tanzania Revenue Authority (TRA), Dar es Salaam Stock Exchange (DSE), Human Resources consultants, and financial institutions. Shack Noel from EHS Company Limited says it has exposed his business to the “world class operational standards” required to improve the quality of his construction services. Through rigorous activation workshops and one-on-one mentorship, the companies have been able to network within the mining ecosystem and identify areas for growth.

Janet Reuben Lekashingo, Commissioner of the Mining Commission, stated: “The Government, through the 2017 Local Content regulations, has provided an enabling framework for local businesses to benefit from investments in the country through opportunities in the supply chain. The North Mara Local Business Development Program has set the standard for other companies to follow.”

The graduation event will see invited guests including mentors, government officials, financial institutions, and partners.

Barrick Enquiries

Investor and media relations
Kathy du Plessis
+44 20 7557 7738

Country manager, Tanzania
Georgia Mutagahywa
+255 754 711 215

Head of sustainability, AME
Hilaire Diarra
+223 66 75 08 44

Cautionary Statement on Forward-Looking Information

Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “opportunities”, “plans”, “support”, “growth”, “will”, “continue” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to the anticipated benefits of the North Mara’s Local Business Development Program including strengthening of local businesses capacity in line with Barrick’s local supplier and sustainability strategy, and expected contributions to the local economy, including local content programs and spending.

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 the Company 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. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; changes in national and local government legislation, taxation, controls or regulations and/ or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in Tanzania and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s dealings with community groups, whether true or not; risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; litigation and legal and administrative proceedings; employee relations including loss of key employees; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).

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.

Multimedia Files: