Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX), the largest shareholder of Twiga Minerals Corporation, the joint-venture formed with the Tanzanian Government to take over the operations of Acacia Mining in the country, announced that it will spend USD 8 million on new explorations this year.
In its latest press release, Barrick president and chief executive Mark Bristow announced that the company has been awarded 10 new exploration licenses in Tanzania.
He also informed that the rehabilitated and re-energized the North Mara gold mine is ahead of plan in the year to date and that the Bulyanhulu gold mine has resumed underground mining operations and is scheduled to restart processing of underground ore by the end of 2020 as a long-life underground mine.
“We are gearing up to potentially make North Mara and Bulyanhulu into a combined Tier One complex, capable of producing at least 500,000 ounces of gold annually for more than 10 years in the lower half of the industry’s cost profile. We shall also be looking to expand the life of operations as well as other new Tanzanian opportunities within the Twiga framework” Bristow commented.
Tanzania gold reserves are estimated at about 45 million ounces. Gold exploration has been centered mostly on the greenstone belts around Lake Victoria, where several large deposits have already been discovered and are being developed.
Tanzania’s gold exports accounted for USD 2.2 billion of total exports in 2019, representing more than 90% of the country’s mineral exports.