Barrick Gold gets 10 new licences for Tanzania exploration
23 October 2020 - 16:48
byArunima Kumar
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
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.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
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
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most Read
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.