Mwamba Mining and Barrick Gold Corporation Forge Strategic Partnership to Explore the Nzega Gold Belt

We are thrilled to announce a new development in Mwamba Mining’s journey: we have entered into a joint venture (JV) agreement with Barrick Gold Corporation, the largest gold producer in Tanzania and the second-largest globally. This milestone marks a powerful step forward in our mission to responsibly unlock the full potential of Tanzania’s rich mineral resources.

Unlocking the Promise of the Nzega Greenstone Belt

The partnership will focus on exploring Mwamba’s 1,325 km² land position in the Nzega District, Tanzania, a region recognized as one of the most prospective greenstone belts in Northern Tanzania. Greenstone belts are globally known for hosting major gold deposits. As part of an earn-in agreement, Barrick may invest up to $16.5M in prospecting and exploration activities in the Property in order to earn up to 80% joint venture interest in the Property.

This comes after the groundbreaking Twiga Partnership between Barrick and the Tanzanian Government in 2019, which codifies the equal split of profits generated by the North Mara and Bulyanhulu mines operated by Barrick. By combining Mwamba’s deep local knowledge and community-focused approach with Barrick’s world-class exploration expertise and operational scale, this venture represents a high-potential opportunity to deliver shared value for the communities we serve and our stakeholders at Mwamba. 

“Mwamba’s partnership with Barrick is a key milestone in the company’s own entry into gold exploration in Tanzania. Barrick is the largest gold producer and explorer in Tanzania and the second-largest gold producer in the world. The Property area is large at 1,325 square kilometers and will provide multiple target opportunities. The partnership marks the start of a quality exploration program in the highly prospective and under-explored Nzega greenstone belt.” Mac Jackson, Mwamba Exploration Director

We extend our deepest gratitude to our dedicated team, local communities, and all our partners who helped make this possible. Your support continues to be the bedrock of our progress.

Learn More: For more details on the announcement, read the full story here in Business Insider Africa.