Buzwagi pours first gold

[BAK]

Wednesday May 13, 2009

Buzwagi pours first gold

STAFF WRITER, 11th May 2009 @ 23:26,

BARRICK Gold President and CEO Aaron Regent announces Buzwagi's first gold pour at a meeting in Toronto recently. (Photo by a Correspondent)​

"For any mining company, a new mine entering production is always an exciting time - particularly for the development team"

Tanzania last week dug deeper into its golden era, after Barrick Gold's new Buzwagi mine in Kahama District, Shinyanga Region, started production. Buzwagi mine is now one of the country's largest mining operations and Barrick Gold, the world's largest mining house, has expressed excitement on its first gold pour.

"For any mining company, a new mine entering production is always an exciting time - particularly for the development team," said Barrick Gold President and CEO, Aaron Regent.
Adding that: "The team constructed Buzwagi on time and in line with its budget of about 400 million US dollars (about 538bn/-). They also successfully managed to do this with an outstanding safety record."

In 2009, Buzwagi is expected to produce approximately 200,000 ounces of gold at total cash costs of $320-$335 per ounce. The Buzwagi project is a catalyst for economic growth, with an initial investment of 500bn/- during its construction phase and over 1.5trillion/- when it becomes operational.

During construction, Buzwagi provided over 3,000 jobs and will cater for 700 jobs directly and an estimated 2,800 in indirect employment during operation.Barrick Gold spent over 75bn/- on salaries over a two year period during the construction of the mine. It is estimated that Buzwagi will pay over 150bn/- in salaries over the 15 years of operations.

Proven and probable gold reserves at Buzwagi are 3.3 million ounces as at year-end 2008. Buzwagi is the first of the company's new generation of mines to enter production. Cortez Hills in Nevada is expected to start production in the first quarter of 2010 and Pueblo Viejo in the Dominican Republic is targeted for the fourth quarter of 2011.

Combined, the three projects represent almost two million ounces of production at lower cash costs than the current portfolio average. Barrick's next project on the horizon is the Pascua-Lama project which lies on the Chile/Argentina border.

The Buzwagi Gold Mine required a substantial capital investment of approximately US $400 million. Buzwagi is referred to as a marginal mine because while requiring investment of $400 million to access 3.3 million ounces of reserves, a mine like Bulyanhulu required $280 million for over 10 million ounces of reserves.

Hence, the viability of Buzwagi Project is easily affected by small changes in price or cost.
Barrick shares are listed on the Toronto and New York stock exchanges.Barrick Gold Tanzania operates three mines in Bulyanhulu in Shinyanga Region, North Mara and Tulawaka in Kagera Region.

 

[Koba]

..ukiangalia datas za gold proven reserve Tanzania then unajiuliza kama tumelaaniwa au na huwezi kupata jibu,Bulyankuru peke yake proven reserve ni zaidi ya 10m ounces,hapo bado hujagusa Tulawaka,buzwagi,Kahama etc yaani tungekuwa tuna viongozi wenye akili gold na tourism peke yake vingemaliza poverty for good...kwa bei ya sasa ya gold ina maana Bulyankuru kuna kama 10 billion $$ pale chini,ile nchi inahitaji mabadiliko makubwa sana ya uongozi mana wao ndio mwanzo wa umaskini wote huu,hakuna sababu kabisa ya nchi kama TZ kuwa maskini na kuwa ombaomba....jamaa wanatumia 250$ kuzalisha one once of gold then wanauza kwa 900$,hiyo super profit ni balaa na sijui kwa nini hata tushindwe kuchimba wenyewe au kumiliki 50% ya hiyo migodi!

 

[Kwame Nkrumah]

Mafisadi wanagonganisha bilauri zao leo...cheers...!!

 

[Koba]

...bila kusahau Geita ambako inasemekana ndio mgodi mkubwa wa Ashanti kuliko yote Africa,lakini maisha ya Geita ni kama Mogadishu tuu,vast natural resource ya Geita wanaofaidi ni wall street na mafisadi tuu,ukiangalia in numbers billions zinazotoka Geita zinaweza cover 30% ya budget ya nchi nzima,hawa wananchi wawapige nje CCM hata kama alternative ni mbovu just kuonyesha disapproval ya serikali iliyopo sasa.

 

[Koba]

...kumbe 2007 Tanzania ilizalisha 1.75miliion ounces of gold na sasa kuna mines nyingine zimeingia kwenye operations after 07,seems tunazalisha zaidi ya 2million ounces sasa,bei ya sasa ni 900$ per ounce,uliza kama tulichopata hapo unaweza kukuta sifuri huku almost 2 billions dollar zimetoka kwetu


Kilimanjaro is a private Nevada-based company exploring for and developing, gold, uranium and strategic metal resources in Tanzania, East Africa. Kilimanjaro recently completed a Property Acquisition Agreement with Geo Can Resources Company Limited ("Geo Can") a corporation incorporated and existing pursuant to the laws of Tanzania with a registered address at P.O. Box 80079, Dar es Salaam, United Republic of Tanzania. Under the terms of the agreement Kilimanjaro acquired 100% of the mineral property assets of Geo Can. This included nine separate gold project areas comprised of over 40 unique prospecting licenses and six separate uranium project areas comprised of over 14 unique prospecting licenses.

LVCA is a Nevada company with headquarters in Golden, Colorado, and is publicly traded on the NASDAQ:OTCBB. LVCA is working to create another gold mine in the world famous Lake Victoria Greenstone Belt, Tanzania, East Africa. Tanzania produced 1.75 million troy ounces of gold during 2007 and is the 3rd largest gold producer in Africa behind South Africa and Ghana. Lake Victoria Mining Company, Inc. currently holds an ownership and option interest in Kinyambwiga (a near term gold producing mining project), Geita, Kalemela, Igusule and Bahi-Hombolo projects along with Geo Can Resources Company Limited (Tanzania

 

[Nzokanhyilu]

Ok. Miscalculated something. For a minute I thought they were working on a loss.

 

[BAK]

..ukiangalia datas za gold proven reserve Tanzania then unajiuliza kama tumelaaniwa au na huwezi kupata jibu,Bulyankuru peke yake proven reserve ni zaidi ya 10m ounces,hapo bado hujagusa Tulawaka,buzwagi,Kahama etc yaani tungekuwa tuna viongozi wenye akili gold na tourism peke yake vingemaliza poverty for good...kwa bei ya sasa ya gold ina maana Bulyankuru kuna kama 10 billion $$ pale chini,ile nchi inahitaji mabadiliko makubwa sana ya uongozi mana wao ndio mwanzo wa umaskini wote huu,hakuna sababu kabisa ya nchi kama TZ kuwa maskini na kuwa ombaomba....jamaa wanatumia 250$ kuzalisha one once of gold then wanauza kwa 900$,hiyo super profit ni balaa na sijui kwa nini hata tushindwe kuchimba wenyewe au kumiliki 50% ya hiyo migodi!

Tunaongozwa na vihiyo na mafisadi si ajabu wote ni mashareholders wa Barrick ambao wanafaidika na profit margin kubwa wanayoipata Barrick, lakini kama nchi Watanzania hatunufaika na lolote.

Kikwete alitwambia kwamba mapendekezo ya kubadilisha vipengele mbali mbali katika mikataba ya uchimbaji wa dhahabu ili kuhakikisha mikataba hiyo inakuwa na maslahi kwa nchi yetu ingefikishwa bungeni katika kikao cha bunge kilichomalizika hivvi karibuni, lakini hatukusikia lolote