PRECIOUS METALS

Barrick granted 10 exploration licences in Tanzania

Barrick Gold said it had been granted 10 exploration licences in Tanzania and president and CEO Mark Bristow reiterated the potential for a tier one complex in the country, where it’s resolving issues regarding the former Acacia Mining assets.

Staff reporter
 Barrick Gold sees Bulyanhulu as potentially part of a tier one complex in Tanzania

Barrick Gold sees Bulyanhulu as potentially part of a tier one complex in Tanzania

Barrick said it planned to spend US$8 million on exploration in Tanzania this year.

Its North Mara, Bulyanhulu and Buzwagi mines are managed by Twiga Minerals as part of a joint venture and settlement agreed with the government, which Barrick last week described as "a triumph of partnership".

Bristow said a "re-energised" North Mara, where a comprehensive water management plan was being implemented, was ahead of plan in the year to date and Bulyanhulu had resumed underground mining.

"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," he said.

"We shall also be looking to expand the life of operations as well as other new Tanzanian opportunities within the Twiga framework."

He did not specify any plans for Buzwagi, where the mill is solely processing stockpiles until mid-2021.

In a presentation, Barrick said year-to-date production stood at 338,000oz on a 100% basis and full-year production was on track "to fall within market guidance".

North Mara had produced 79,000oz in the September quarter, Buzwagi 24,000oz and Bulyanhulu, which is expected to ramp up to full operations in the first quarter of 2021, produced 8,000oz.

It has paid the first $100 million of the agreed $300 million to settle past disputes with Acacia and Bristow said with the framework agreement now fully implemented, Barrick had "settled most of the landowner disputes and are well on our way to ensure that we are fully compliant with our environmental permits as well as with the government's local content legislation."

Barrick shares closed on Friday at C$35.21 in Toronto, capitalising it at $62.6 billion (US$47.6 billion).

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.