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Tanzania North Mara Gold Production Increase by 66% in Q3 2016

Tanzania gold production 2016

Tanzania’s gold production from the North Mara gold mine in northern Tanzania rose by 66% in Q3 2016 to 112,523 ounces (oz), from 67,738 oz in Q3 2015.

This was indicated in the latest trading update, published by the owner of the mine, Acacia Mining (LON:ACA), on October 21st, 2016.

“I am particularly pleased with North Mara’s performance this quarter […]. This more than offset the impact of operational stoppages at Bulyanhulu and the deferred access to higher grades at Buzwagi,” Brad Gordon, CEO at Acacia, comments.

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Gold production from the Buzwagi mine in northwestern Tanzania rose only by 13% in Q3 2016 to 39,699 oz, from 33,961 oz, while production from the Bulyanhulu gold mine also in northwestern Tanzania decreased by 16% to 52,504 oz, from 62,188 oz in 2015.

“In the fourth quarter we expect production at Bulyanhulu and Buzwagi to increase over Q3 2016 with North Mara expected to deliver a material, albeit lower contribution in Q4 2016 […],” the update notes.

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Gold production in Tanzania stands at around 1.8m oz per year which makes it the 4th largest gold producer in Africa after South Africa, Ghana, and Mali.

Total reserves and resources at the Bulyanhulu gold mine are estimated to be 17.1m oz. In 2015, Acacia pulled out 273,552 oz of gold and aims at reaching 350,000 per year over the medium term.

Total gold reserves and resources at the Buzwagi mine are estimated to be 2.7m oz. In 2015, Acacia pulled out 171,172 oz of gold.

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At the North Mara mine, total reserves and resources are estimated to be 3.8m oz. In 2015, Acacia pulled out 287,178 oz of gold.

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