CAPE TOWN (Reuters) - Barrick Gold Corp. (ABX.TO: Quote), the world's biggest gold miner, said on Tuesday it expected its Buzwagi gold mine in Tanzania to be in production next year at a cash cost of under $300 an ounce.
"We will be in production in 2009 at a cash cost of under $300 an ounce," Alexander Davidson, Barrick's executive vice president of exploration and corporate development, told the Indaba African mining conference in Cape Town.
Davidson added that the Toronto-based miner was expecting for much better results from its other mining operations in Tanzania.
Production at its Bulyanhulu gold mine was hit last year when about a 1,000 workers walked off the job. The mine has since returned to full production.
Barrick's expansion in Africa comes amid an industry-wide effort by gold miners to find new deposits as existing mines are depleted.
In 2006 Barrick acquired Vancouver-based Placer Dome in one of the largest gold mining deals in recent history, vastly expanding the Canadian firm's international reach.
Last month, Barrick Chairman Peter Munk said the company would continue to be opportunistic in searching out further deals, provided they were accretive for earnings.
"We will be in production in 2009 at a cash cost of under $300 an ounce," Alexander Davidson, Barrick's executive vice president of exploration and corporate development, told the Indaba African mining conference in Cape Town.
Davidson added that the Toronto-based miner was expecting for much better results from its other mining operations in Tanzania.
Production at its Bulyanhulu gold mine was hit last year when about a 1,000 workers walked off the job. The mine has since returned to full production.
Barrick's expansion in Africa comes amid an industry-wide effort by gold miners to find new deposits as existing mines are depleted.
In 2006 Barrick acquired Vancouver-based Placer Dome in one of the largest gold mining deals in recent history, vastly expanding the Canadian firm's international reach.
Last month, Barrick Chairman Peter Munk said the company would continue to be opportunistic in searching out further deals, provided they were accretive for earnings.
