Barrick Gold gets 10 new licences for Tanzania exploration

Bengaluru — Barrick Gold said on Friday that Tanzania had awarded 10 new exploration licences to the Canadian miner and that it planned to spend $8m to carry out exploration in the country in 2020.

Barrick oversees the management of its assets in Tanzania through Twiga Minerals, a joint venture formed in 2019 between the company and the government of Tanzania.

Twiga Minerals manages the Bulyanhulu, North Mara and Buzwagi mines in Tanzania.

“We are gearing up to potentially make North Mara and Bulyanhulu into a combined Tier One complex, capable of producing at least 500,000oz of gold annually for more than 10 years in the lower half of the industry’s cost profile,” Barrick CEO Mark Bristow said in a statement.

Barrick said it would also be looking to expand the life of operations as well as other new Tanzanian opportunities within the Twiga framework.

Reuters