BAK
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- Feb 11, 2007
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THIS DAY
The Tulawaka gold mine in Biharamulo district, Kagera region has sold gold worth $66.6 million (approx. 87bn/-) over the past nine months alone, as the government continues to get a pittance in the form of taxes.
?For the nine months period, a total of 71,790 ounces of gold was sold on the spot market at an average price of $928 (per ounce) for total income of $66.6m. Total cash costs averaged $383 to produce an ounce of gold during this period,? said a statement issued yesterday by one of the Tulawaka mine shareholders, MDN Inc.
The company said Tulawaka sold some 28,373 ounces of gold into the spot market for $26.9m during the third quarter of 2009.
?MDN Inc. is pleased to announce that the Tulawaka gold mine in Tanzania produced 29,489 ounces of gold during the third quarter ended September 30, 2009. Tulawaka gold production now amounts to 728,910 ounces since the beginning of operations in March 2005,? said the statement.
The Tulawaka project is a joint-venture between MDN (30%) and Pangea Goldfields Inc. (70%), a wholly-owned indirect subsidiary of Barrick Gold Corporation and project operator through its local (Tanzanian) subsidiary Pangea Minerals Limited.
The company said it has already sold 28,373 ounces of gold this year at an average price of $948 per ounce.
?For the third quarter, a total of 39,969 tonnes were mined from the underground mine at an average mine grade of 16.5 gt gold, whereas the plant facilities processed 115,236 tonnes of ore at an average grade of 8.5 gt gold and at a gold recovery rate of 94.2%. The difference in tonnage comes from the stockpile at the plant,? said the statement.
Total cash costs averaged $375 to produce an ounce of gold during the third quarter of 2009.
?For the first nine months of the year 2009, a total of 103,778 tonnes were mined from the underground mine at an average mine grade of 15.3 gt gold whereas the plant facilities processed 325,666 tonnes of ore at an average grade of 7.6 gt gold and at an average recovery rate of 94%, for a production of 74,543 ounces of gold. The difference in tonnage comes from the stockpile at the plant,? said the statement.
MDN Inc. president and CEO Paul Girard said: The operator (Pangea Minerals) has done a great job by continuously improving the underground mine operations. The year to date production results is above the annual budget forecasts and, based on the ongoing mining activities and the favorable gold market conditions, the future looks good for Tulawaka.
In addition to its 30% participation in the Tulawaka mine, MDN is the operator and owner of a majority interest in 35 mineral licenses totaling 621 square kilometres around the mine.
But it has been noted that Tanzania, which has a giant 45 million ounces of gold economically valued at $39 billion, remains ironically one of the poorest countries in the world.
Analysts say the country is bound to get poorer still if the government fails to capture a just proportion of royalties and taxes from gold mining operations.
Though $2.5 billion in gold has been exported during the past five years primarily through two major multinational companies ? Canada?s Barrick Gold and the South African-based Anglo-Gold Ashanti (AGA) ? the government has accrued just $21m-$22m per annum on average.
President Jakaya Kikwete has pledged to review the countrys mining policy following recommendations of the mining sector review committee chaired by Judge Mark Bomani.
The Tulawaka gold mine in Biharamulo district, Kagera region has sold gold worth $66.6 million (approx. 87bn/-) over the past nine months alone, as the government continues to get a pittance in the form of taxes.
?For the nine months period, a total of 71,790 ounces of gold was sold on the spot market at an average price of $928 (per ounce) for total income of $66.6m. Total cash costs averaged $383 to produce an ounce of gold during this period,? said a statement issued yesterday by one of the Tulawaka mine shareholders, MDN Inc.
The company said Tulawaka sold some 28,373 ounces of gold into the spot market for $26.9m during the third quarter of 2009.
?MDN Inc. is pleased to announce that the Tulawaka gold mine in Tanzania produced 29,489 ounces of gold during the third quarter ended September 30, 2009. Tulawaka gold production now amounts to 728,910 ounces since the beginning of operations in March 2005,? said the statement.
The Tulawaka project is a joint-venture between MDN (30%) and Pangea Goldfields Inc. (70%), a wholly-owned indirect subsidiary of Barrick Gold Corporation and project operator through its local (Tanzanian) subsidiary Pangea Minerals Limited.
The company said it has already sold 28,373 ounces of gold this year at an average price of $948 per ounce.
?For the third quarter, a total of 39,969 tonnes were mined from the underground mine at an average mine grade of 16.5 gt gold, whereas the plant facilities processed 115,236 tonnes of ore at an average grade of 8.5 gt gold and at a gold recovery rate of 94.2%. The difference in tonnage comes from the stockpile at the plant,? said the statement.
Total cash costs averaged $375 to produce an ounce of gold during the third quarter of 2009.
?For the first nine months of the year 2009, a total of 103,778 tonnes were mined from the underground mine at an average mine grade of 15.3 gt gold whereas the plant facilities processed 325,666 tonnes of ore at an average grade of 7.6 gt gold and at an average recovery rate of 94%, for a production of 74,543 ounces of gold. The difference in tonnage comes from the stockpile at the plant,? said the statement.
MDN Inc. president and CEO Paul Girard said: The operator (Pangea Minerals) has done a great job by continuously improving the underground mine operations. The year to date production results is above the annual budget forecasts and, based on the ongoing mining activities and the favorable gold market conditions, the future looks good for Tulawaka.
In addition to its 30% participation in the Tulawaka mine, MDN is the operator and owner of a majority interest in 35 mineral licenses totaling 621 square kilometres around the mine.
But it has been noted that Tanzania, which has a giant 45 million ounces of gold economically valued at $39 billion, remains ironically one of the poorest countries in the world.
Analysts say the country is bound to get poorer still if the government fails to capture a just proportion of royalties and taxes from gold mining operations.
Though $2.5 billion in gold has been exported during the past five years primarily through two major multinational companies ? Canada?s Barrick Gold and the South African-based Anglo-Gold Ashanti (AGA) ? the government has accrued just $21m-$22m per annum on average.
President Jakaya Kikwete has pledged to review the countrys mining policy following recommendations of the mining sector review committee chaired by Judge Mark Bomani.
