African Barrick Gold
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African Barrick Gold
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| Type | Public (LSE: ABG) |
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| Industry | Gold mining |
| Founded | 2000 |
| Headquarters | London, United Kingdom |
| Key people | Aaron Regent, Chairman Greg Hawkins, CEO, Deo Mwanyika, Vice President, Marco Zolezzi, COO |
| Revenue | US$1,217.9 million (2011)[1] |
| Operating income | US$409.9 million (2011)[1] |
| Net income | US$284.8 million (2011)[1] |
| Website | www.africanbarrickgold.com |
African Barrick Gold plc (LSE: ABG) 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.
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Contents
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History
The business was established as a unit of Barrick Gold when that company started mining in Tanzania in 2000.[2] Barrick's involvement in Tanzania had begun the previous year, 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.[3] The company was floated off by Barrick Gold and first listed on the London Stock Exchange in 2010.[4]
Operations
The Company operates four mines in northwest Tanzania—Bulyanhulu, Buzwagi, North Mara and Tulawaka.[4] [5]
Bulyanhulu Gold Mine
Main article: Bulyanhulu Gold Mine
The Bulyanhulu Gold Mine is an underground gold mine in the Shinyanga Region of Tanzania, located 55 kilometres south of Lake Victoria.[6] Barrick acquired the project in 1999 when it purchased Sutton Resources and the mine opened in 2001.[7] In the financial year 2009, Bulyanhulu produced 249,000 ounces of gold at a cash cost of US$651 per ounce.[6] The opeing of Bulyanhulu, Tanzania's deepest mine, made Tanzania the third largest producer of gold in Africa.[8]
Buzwagi Gold Mine
Main article: Buzwagi Gold Mine
The Buzwagi Gold Mine is an open pit 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.[9]
North Mara Gold Mine
Main article: North Mara Gold Mine
The North Mara Gold Mine is an open pit gold mine in the Tarime District 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.[10]
Tulawaka mine
Main article: Tulawaka Gold Mine
The Tulawaka Gold Mine is a combined underground and open pit gold mine located in the Biharamulo 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.[11]
References
- ^ a b c Preliminary Results 2011
- ^ African Barrick Gold Targets Sh1.3 Trillion in Initial Public Offer (IPO) The Citizen, 25 February 2010
- ^ Overview / Profile&categoryChosen=History of ABG ABG African Barrick Gold website: History accessed: 24 July 2010
- ^ a b African Barrick Gold floats at bottom of price range The Times, 19 March 2010
- ^ African Barrick Gold website accessed: 22 July 2010
- ^ a b African Barrick Gold website: Bulyanhulu Gold Mine accessed: 22 July 2010
- ^ Thomaz, Carla (7 October 2005). "Bulyanhulu Mine". Creamer's Mining Weekly. http://www.miningweekly.com/article/bulyanhulu-mine-2005-10-07. Retrieved 21 July 2010.
- ^ Dean, Roger (22 July 2001). "Tanzania's pot of gold". BBC News. http://news.bbc.co.uk/2/hi/africa/1448948.stm. Retrieved 22 July 2010.
- ^ African Barrick Gold website: Buzwagi Gold Mine accessed: 22 July 2010
- ^ Mara African Barrick Gold website: North Mara Gold Mine accessed: 22 July 2010
- ^ African Barrick Gold website: Tulawaka Gold Mine accessed: 22 July 2010
External links
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