ABBOT GROUP PLC 21 Jul 2014
A report released by EY last week, entitled African Barrick Gold's total economic and tax contributions in Tanzania, 2013, demonstrated the significant impact that African Barrick Gold's activities in Tanzania have on the country's economic development.
In 2013, ABG made a total contribution of over $850 million to the Tanzanian economy which represents around 3% of total Tanzanian gross domestic product (GDP). This contribution to GDP was comprised of a direct contribution of $240 million and indirect and induced contributions of $614 million. In addition ABG made a total tax contribution of $197 million which comprises direct tax contributions of $137 million and indirect and induced contributions of $60 million.
Furthermore the report showed that for each of ABG's employees, a further 11 jobs are created within the Tanzanian economy, which means that ABG's operations are supporting over 62,000 jobs across Tanzania. In 2013, ABG's spent $448 million on goods and services from suppliers based in Tanzania which represented nearly 60% of our total spend in supply chain. These supplier purchases by ABG support 34,900 indirect employees in Tanzania who work at supplier firms including professional services companies and manufacturers with a further 21,800 induced jobs supported through the consumer purchases of ABG and supplier employees in Tanzania.
The report also highlighted that Tanzanian's make up 93% of ABG's workforce in Tanzania and that ABG is a high-wage employer, paying each employee an average of US$16,400 per annum which is more than 10 times the average wage in Tanzania.
Infographic: ABG Investing in Tanzania
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