Barrick secures 15-year North Mara mining licences in Tanzania

AI desk brief

Tanzania has renewed Barrick’s North Mara licences for 15 years, removing a major tenure overhang as the company weighs expansion at the North Mara-Bulyanhulu complex. North Mara produced 249,000 attributable oz last year, but first-half attributable output fell 47% y/y to 68,000 oz while AISC jumped 79% to US$2,283/oz; Barrick is still guiding 200,000-230,000 oz for 2026 and US$1,520-US$1,680/oz AISC, implying a much stronger second half is needed.

The renewal also comes ahead of a six-week LBMA High Court trial starting Wednesday over alleged deaths of artisanal miners at North Mara in 2019. A ruling against the LBMA could set a precedent around responsibility for abuses at supplying mines and, according to an analyst cited in the piece, potentially threaten its role in global gold trading.