African Barrick Gold
Encyclopedia
African Barrick Gold plc is a gold mining business operating in Tanzania
. It is listed on the London Stock Exchange
and is a constituent of the FTSE 250 Index
.
when that company started mining in Tanzania
in 2000. It was floated off by Barrick Gold and first listed on the London Stock Exchange
in 2010.
Barrick's involvement in Tanzania begun in 1999, when the company purchased the Bulyanhulu property as part of its acquisition of Sutton Resources Ltd. Barrick then acquired Buzwagi and Tulawaka as part of its acquisition of Pangea Goldfields Inc. in 2000. Finally, in 2006, Barrick acquired North Mara, when it took over Placer Dome
.
In the financial year 2009, the ABG's four operations produced a combined amount of 716,000 attributable ounces of gold, a 31.5% increase from 2008.
—Bulyanhulu, Buzwagi, North Mara and Tulawaka.
mine
in the Shinyanga Region
of Tanzania, located 55 kilometres south of Lake Victoria
. Barrick acquired the project in 1999 when it purchased Sutton Resources and the mine opened in 2001. In the financial year 2009, Bulyanhulu produced 249,000 ounces of gold at a cash cost of US$651 per ounce. The opeing of Bulyanhulu, Tanzania's deepest mine, made Tanzania the third largest producer of gold in Africa.
gold mine in the Shinyanga Region of Tanzania, located 6 kilometres southeast from the town of Kahama
. The mine, which opened in 2009, is the second largest mining operation and the largest single open pit mine in Tanzania. In the financial year 2009, Buzwagi produced 189,000 ounces of gold at a cash cost of US$422 per ounce.
of the Mara Region
of Tanzania. The mine, which opened in 2002, was acquired by Barrick through the takeover of Placer Dome
in 2006. In the financial year 2009, North Mara produced 212,000 ounces of gold at a cash cost of US$508 per ounce.
district, in the Kagera Region
of Tanzania. African Barrick Gold owns 70% of the mine, while the remaining 30% are owned by Northern Mining Exploration Ltd. The mine opened in 2005. In the financial year 2009, Tulawaka produced 94,000 ounces of gold, 66,000 of which are attributable to ABG, at a cash cost of US$413 per ounce.
Tanzania
The United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...
. It is listed on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
and is a constituent of the FTSE 250 Index
FTSE 250 Index
The FTSE 250 Index is a capitalisation-weighted index consisting of the 101st to the 350th largest companies on the London Stock Exchange. Promotions to and demotions from the index take place quarterly in March, June, September and December...
.
History
The business was established as a unit of Barrick GoldBarrick Gold
Barrick Gold Corporation is the largest pure gold mining company in the world, with its headquarters in Toronto, Ontario, Canada; and four regional business units located in Australia, Africa, North America and South America...
when that company started mining in Tanzania
Tanzania
The United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...
in 2000. It was floated off by Barrick Gold and first listed on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
in 2010.
Barrick's involvement in Tanzania begun in 1999, when the company purchased the Bulyanhulu property as part of its acquisition of Sutton Resources Ltd. Barrick then acquired Buzwagi and Tulawaka as part of its acquisition of Pangea Goldfields Inc. in 2000. Finally, in 2006, Barrick acquired North Mara, when it took over Placer Dome
Placer Dome
Placer Dome Inc. was a large mining company specializing in gold and other precious metals, with corporate headquarters in Vancouver, British Columbia, Canada....
.
In the financial year 2009, the ABG's four operations produced a combined amount of 716,000 attributable ounces of gold, a 31.5% increase from 2008.
Operations
The Company operates four mines in northwest TanzaniaTanzania
The United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...
—Bulyanhulu, Buzwagi, North Mara and Tulawaka.
Bulyanhulu Gold Mine
The Bulyanhulu Gold Mine is an underground goldGold mining
Gold mining is the removal of gold from the ground. There are several techniques and processes by which gold may be extracted from the earth.-History:...
mine
Mining
Mining is the extraction of valuable minerals or other geological materials from the earth, from an ore body, vein or seam. The term also includes the removal of soil. Materials recovered by mining include base metals, precious metals, iron, uranium, coal, diamonds, limestone, oil shale, rock...
in the Shinyanga Region
Shinyanga Region
Shinyanga Region is one of the regions of Tanzania. Its capital is Shinyanga. It is bordered to the north by the Mwanza, Mara, and Kagera Regions, and to the south by the Tabora Region...
of Tanzania, located 55 kilometres south of Lake Victoria
Lake Victoria
Lake Victoria is one of the African Great Lakes. The lake was named for Queen Victoria of the United Kingdom, by John Hanning Speke, the first European to discover this lake....
. Barrick acquired the project in 1999 when it purchased Sutton Resources and the mine opened in 2001. In the financial year 2009, Bulyanhulu produced 249,000 ounces of gold at a cash cost of US$651 per ounce. The opeing of Bulyanhulu, Tanzania's deepest mine, made Tanzania the third largest producer of gold in Africa.
Buzwagi Gold Mine
The Buzwagi Gold Mine is an open pitOpen-pit mining
Open-pit mining or opencast mining refers to a method of extracting rock or minerals from the earth by their removal from an open pit or borrow....
gold mine in the Shinyanga Region of Tanzania, located 6 kilometres southeast from the town of Kahama
Kahama
The Kahama district is one of the eight districts of the Shinyanga Region of Tanzania. It is bordered to the west by the Bukombe District, to the south by the Tabora Region, to the north by the Mwanza Region, and to the east by the Shinyanga Rural and Shinyanga Urban Districts.According to the...
. The mine, which opened in 2009, is the second largest mining operation and the largest single open pit mine in Tanzania. In the financial year 2009, Buzwagi produced 189,000 ounces of gold at a cash cost of US$422 per ounce.
North Mara Gold Mine
The North Mara Gold Mine is an open pit gold mine in the Tarime DistrictTarime District
Tarime is one of the five districts of the Mara Region of Tanzania. It was previously known as the North Mara District. It is bordered from the north to east by the Kenya districts of :Migori , the Trans Mara and Kisii and to the east by Masai Mara...
of the Mara Region
Mara Region
Mara is one of the 26 regions of Tanzania. The region is named after the Mara River. Musoma serves as the Region's capital.The neighbouring regions are Mwanza and Shinyanga , Arusha and Kagera . To the north east, it borders the Republic of Kenya...
of Tanzania. The mine, which opened in 2002, was acquired by Barrick through the takeover of Placer Dome
Placer Dome
Placer Dome Inc. was a large mining company specializing in gold and other precious metals, with corporate headquarters in Vancouver, British Columbia, Canada....
in 2006. In the financial year 2009, North Mara produced 212,000 ounces of gold at a cash cost of US$508 per ounce.
Tulawaka mine
The Tulawaka Gold Mine is a combined underground and open pit gold mine located in the BiharamuloBiharamulo
Biharamulo is one of the six districts of the Kagera Region of Tanzania. It is bordered to the north by the Muleba District, to the south by the Shinyanga Region, to the east by Lake Victoria and the Mwanza Region, to the west by the Ngara District, and to the southwest by the Kigoma...
district, in the Kagera Region
Kagera Region
Kagera Region is located in the northwestern corner of Tanzania. Bukoba, Kagera Region's capital, is a fast growing town situated on the shore of Lake Victoria. Bukoba lies only 1 degree south of the Equator and is Tanzania's second largest port on the lake. The region neighbors Uganda, Rwanda and...
of Tanzania. African Barrick Gold owns 70% of the mine, while the remaining 30% are owned by Northern Mining Exploration Ltd. The mine opened in 2005. In the financial year 2009, Tulawaka produced 94,000 ounces of gold, 66,000 of which are attributable to ABG, at a cash cost of US$413 per ounce.