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Wednesday, 31st January 2007 (5798 views)

The Tulawaka gold mine in Tanzania - a 70/30 venture between Barrick Gold subsidiary Pangea Goldfields and Minieres du Nord - has reported a 12 per cent rise in production during the last year.

Figures for the fourth quarter of last year show that Tulawaka produced 36,944 ounces of gold which equates to an annual pour of 139,655 ounces.

Gross revenues of $88.7 million (£45.3 million) have been declared by Minieres du Nord which was over budget by over $26 million.

Tulawaka was acquired in June 2000 when Barrick purchased Pangea Goldfields. It has a lifespan of 25 years and production commenced at the site in 2005.

Development work at Tulawaka has resulted in the property processing over 500,000 tonnes of ore with a grade average of 9.18 grams and a recovery rate of just under 95 per cent.

Tanzania is currently proving fruitful for gold mining companies with production in the country beaten only by South Africa and Ghana on the continent.

 

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