African Barrick Triples Community Investment in Tanzania with $10 Million Fund

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African Barrick Triples Community Investment in Tanzania with $10 Million Fund

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Summary

African Barrick Gold is creating the largest corporate community development fund in Tanzania.

Thursday, October 6, 2011 - 10:17am

CONTENT: Press Release

(3BL Media / theCSRfeed) October 6, 2011 - African Barrick Gold is tripling its community development spend in Tanzania with the launch of the Maendeleo Fund, which will receive an annual contribution of US$10 million to fund projects that improve the quality of life in communities where ABG operates.

It will be the largest corporate community development fund in Tanzania, where about 36 per cent of the population lives below the national poverty line, according to the latest information from the World Bank.

“The launch of the Maendeleo Fund highlights the focus and ongoing commitment that ABG directs towards community development in Tanzania,” said Ambassador Juma Mwapachu, an independent director of ABG. “In keeping with this, we are also interested in exploring partnerships with third parties that have expertise in delivering sustainable community investment.”

Read more about the Maendeleo Fund at BarrickBeyondBorders.com

About Barrick
Barrick Gold Corporation is a Toronto-based gold mining company and industry leader, with a portfolio of 26 operating mines, and projects on five continents. Barrick trades on the Toronto and New York Stock Exchanges and employs 25,000 people worldwide. In 2010, Barrick’s global economic contribution to the local, regional and national economies of its host countries totaled approximately $9.7 billion. In addition to company listings on the DJSI World and North America indexes, Barrick is featured on the NASDAQ Global Sustainability Index of the top 100 companies.

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Contact

Barrick Gold Corporation
http://www.barrick.com
Keywords: Volunteerism & Community Engagement | Gold | Mining | african barrick | tanzania

CONTENT: Press Release