DAR ES SALAAM,
- Creation of the largest corporate community development fund in Tanzania
- Annual budget commitment of $10 million
African Barrick Gold (ABG) today announces the launch of the Maendeleo Fund which has been established to coordinate and govern ABG's community investment programmes in Tanzania. ABG's Board has approved a $10 million annual contribution to the Maendeleo Fund, which forms part of the Company's commitment to contribute to sustainable development in Tanzania and help improve quality of life in the communities where it operates. ABG has committed significant resources to a range of community development projects in Tanzania to date. The launch of the Fund significantly increases the Company’s commitment and will serve as a centralized focal point for future initiatives.
The Fund, which commences operation immediately, incorporates ABG’s current direct community spending and will become the largest corporate community development fund of its kind in the country. Investments will focus on community development, health, education, environment, water projects, skills and training programs, and will include support to non-governmental organizations with demonstrated capacity to deliver on community development initiatives.
As part of ABG’s commitment to corporate social responsibility, the Fund will also finance various philanthropic initiatives, donations, sponsorships, partnerships and other forms of support and public investment. Due consideration will also be given to broader development initiatives that support Tanzania’s national development strategy.
The Fund will be administered by ABG’s newly established Community Investment Committee, which will meet on a regular basis to review and approve community development initiatives under the Fund.
Ambassador Juma Mwapachu, Independent Non-Executive Director of ABG commented: "Today’s launch of the Maendeleo Fund highlights the focus and ongoing commitment that ABG directs towards community development in Tanzania. In keeping with this, we are also interested in exploring partnerships with third parties with expertise and capacity at delivering sustainable community investment.”
Deo Mwanyika Vice President, Corporate Affairs at ABG commented: “The Maendeleo Fund seeks to promote a comprehensive community development strategy that will harness synergies across our operations in Tanzania. The Fund enables us to consider funding for a diverse range of projects to contribute to socio-economic development and strengthen the communities where we do business.”
ABG's Corporate Social Responsibility Charter
We are determined to work with the utmost respect for individuals, our employees, and the communities and environments in which we operate, while pursuing value for our shareholders.
Our Corporate Social Responsibility Charter guides our conduct in the fields of Ethics, our Employees, our Communities, the Environment, Health & Safety and Security & Human Rights.
About African Barrick Gold
ABG is Tanzania’s largest gold producer and one of the five largest gold producers in Africa. We have four producing mines, all located in north west Tanzania (Bulyanhulu, Buzwagi, North Mara and Tulawaka), and several exploration projects at various stages of development. With a high-quality asset base, solid growth opportunities and a clear strategy, we have the objective of increasing our existing production to one million ounces per year by 2014.
We aim to achieve this by:
- driving operating efficiencies to optimise production from our existing asset base;
- growing through near mine expansion and development of advanced-stage projects; and
- organic greenfield growth and acquisitions in Africa.
Maintaining our license to operate through acting responsibly in relation to our people, the environment and the communities in which we operate is central to achieving our objectives.
ABG is a UK public company with its headquarters in London. We are listed on the Main Market of the London Stock Exchange under the symbol ABG. Historically and prior to our initial public offering (IPO), our operations comprised the Tanzanian gold mining business of Barrick Gold Corporation (Barrick), our majority shareholder.
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