Mining in Tanzania
Tanzania is rich with natural resources including hydropower, tin, phosphates, iron ore, coal, diamonds, gemstones, gold, natural gas and nickel.
Tanzanian Gold Reserves Deposits
Key: M/OZ = Ounces in Millions
Minimum cash per ounce: $ 270
DEPOSIT M/OZ OWNERSHIP
Golden Ridge 2.2 Barrick
Geita 20 AngloGold Ashanti
Bulyanhulu 19 Barrick
Ridge 8 2.2 AngloGold Ashanti
Kahama 1.8 Barrick/AngloGold Ashanti
Golden Pride 2.7 Resolute
Tulawaka 0.8 Barrick
Buckreef/Rwamagaza 0.7 Gallery Gold
Kitongo 0.6 Gallery Gold
Nyakafuru 0.7 Gallery Gold
North Mara 4.1 Placer Dome
Buhemba 0.8 Tanganyika
TOTAL: 46.6
Mining Majors in Tanzania
Barrick Lake Victoria District in Tanzania
At the Buzwagi project in Tanzania, Barrick successfully extended the known mineralization along strike and down dip and more than met the objective of doubling the geological resource, adding 2.0 million contained measured and indicated resource ounces. A scoping study is planned for 2005. As well, a $5 million exploration program is designed to extend the mineralization along strike and will test other areas on the property. Over the past few years, Barrick has reduced its extensive land position to 9,000 square kilometres in the Lake Victoria Goldfields, in order to focus on the prospective areas identified during the regional work. Drill programs are also planned in the Golden Ridge and Nzega West areas.
Barrick Tulawaka JV
The Tulawaka Mine in Tanzania was obtained by Barrick through the acquisition of Pangea Goldfields Inc. in June 2000. Tulawaka is a 70/30 joint venture between Pangea Goldfields Inc., a wholly-owned subsidiary of Barrick, and Northern Mining Explorations Ltd. The site is located approximately 1,000 kilometres from Dar es Salaam and 120 kilometres west of Barricks Bulyanhulu Mine. The Tulawaka Mine began production in the first quarter of 2005. The mine is an open-pit operation, recovering half the gold with gravity separation technology and the balance from conventional carbon-in-leach technology. The mine is expected to produce between 75,000 and 80,000 ounces in 2005 to Barricks account at an average cash cost of $270-$275 per ounce.The mine life is expected to be 4 years.
Barrick Bulyanhulu
The Bulyanhulu Mine is located in northwest Tanzania, East Africa, approximately 55 kilometres south of Lake Victoria and approximately 150 kilometres from the city of Mwanza. The mine is an underground trackless operation using long hole and drift-and-fill as its principal stopping methods. Ore reserves are accessed via a surface shaft and an internal ramp system. In 2004, the mine produced 349,864 ounces of gold at a total cash cost of $283 per ounce. In 2005, production is expected to be between 320,000 and 325,000 ounces of gold at an average total cash cost of between $340 and $350 per ounce. Based on existing reserves of 19 million ounces and current production capacity, the expected minimum remaining mine life is approximately 24 years. At the time of acquisition in 1999, proven and probable mineral resources were approximately 3.6 million ounces of gold. At the end of 2004, Bulyanhulu had 19 million ounces of proven and probable gold reserves.