Tanzania mines on track for production guidance
Tanzania has continued to reap the benefits of massive investments put in place by the Barrick Gold Corporation since taking over operational control of Acacia in 2019. The company’s president and Executive Mark Bristow said Barrick has posted total in-country investment amounted to 1,263 billion US dollars since September 2019, when it took over operational control of Acacia.
Out of the amount, Bristow said, has spent 609 million US dollars, which is 48% for payment of goods and services rendered by locally registered companies. Another 39% of the amount, which is 496 million US dollars, was spent in activities related to taxes, royalties and levies, while 118 million US dollars (10%) was spent for salaries.
Production targets
Barrick Gold Corporation’s Tanzanian mines, North Mara and Bulyanhulu, are both set to meet their 2021 production targets as well as to replace depleted reserves through brownfields exploration.
Elaborating, Bristow said the production ramp up at Bulyanhulu was gaining momentum with plant performance ahead of expectations and recoveries at a consistent rate of 93%. An 11% increase in tonnage was driven partly by an investment in three new fully automated loaders and three additional drills.
Successful conversion and optimization of mineral resources in the upper portion of Deep West has been completed and expected to add significant mineral reserves to the asset base, unlocking further value in the mine plan. In line with its long- term commitment to Tanzania, Barrick has also secured exploration targets elsewhere within Bulyanjulu’s mining licence.
