NYSE- and TSX-listed gold and copper miner Barrick Gold is looking to expand its East African footprint based on its Tanzania-based North Mara and Bulyanhulu gold mines that are set to achieve combined production in excess of 500 000 oz for the second consecutive year.
Both North Mara and Bulyanhulu have been ramping up production, with North Mara achieving a record 505 000 t of ore and waste mined in the third quarter.
Barrick states that North Mara continues to enhance its underground operations, while the change to an owner-mining strategy has boosted the expansion of both the mine and openpit operations.
President and CE Mark Bristow says the resurrection of these once declining mines and their transformation into an asset with the potential to be included in Barrick’s elite Tier 1 portfolio, as a combined complex, is a “remarkable success story”.
“Our ground-breaking Twiga partnership with the Tanzanian government not only settled its long-running disputes with the mines’ previous operators but has established a model for mutually-beneficial cooperation between miners and their host countries, particularly in Africa.
“By demonstrating that Tanzania is an investor-friendly destination, it also augurs well for the future of the country’s mining industry,” he says.
At Bulyanhulu, the development of the main declines to access the Deep West zone of the orebody started in the third quarter.
In addition, the production ramp-up at both North Mara and Bulyanhulu is being supported by fleet upgrades.
“We continue to target further growth through reconnaissance and the consolidation of key licences. Extension opportunities are being assessed along the Gokona strike and throughout the Bulyanhulu Inlier.
“Results from the deep drilling at Gokona are pointing to a significant potential for extending North Mara’s life,” says Bristow.
He adds that, in addition to the brownfield exploration designed to maintain the positive trend on resource expansion and conversion at the two mines, Barrick is also looking further afield.
“A better understanding of the region’s geological architecture will improve our ability to discover new world-class development opportunities in our areas of interest.”
In line with Barrick’s localisation policy, Tanzanians make up 96% of the mines’ workforces, with 45% drawn from the communities surrounding the mines. Host country nationals also account for 58% of the senior management.
During the third quarter, the mines spent $339-million with Tanzanian suppliers and service providers.
Since it took over the mines in 2019, Barrick has contributed over $2.1-billion to the Tanzanian economy.