Tanzania Gold Mining
Gold In Tanzania
Gold Mines

Gold in Tanzania

Tanzania has become one of the fastest-emerging gold producers in Africa, and is now the contient’s third-largest gold-producing country after South Africa and Ghana. Annual production of gold has increased from around 43.2 t in 2002 to about 48.0 t in 2003. Based on ongoing projects and developing mines, Tanzania’s estimated gold reserves have been calculated at a conservative total of Tanzania now has proven gold reserves in excess of 36 Moz (1000 t). In 2003 Tanzania reported a 20% increase in gold exports from US$414 million to US$504 million and accounted for more than 62% of total export revenues, compared with 49% in 2002. There was a tremendous increase in gold exports which resulted in the signing of another gold-mining contract, this time between the Government of Tanzania and Pangea Minerals Ltd. The contract will pave the way for mining at Tulawaka in the Biharamulo District, Kagera Region, in the Lake Victoria goldfields. The Tulawaka mine is expected to come on stream in early 2005. It will be the sixth large-scale gold mine to come into production in Tanzania within six years.

Each year since 1998, a new gold mine has been opened in Tanzania. The mines are owned by Resolute Ltd; Ashanti Goldfields in joint venture with AngloGold; Barrick Gold Corp; Placer Dome Inc; Meremeta Ltd; and Pangea Goldfields Inc in joint venture with Miniere du Nord.

AgloGold Ashanti owns 50% of the Geita mine in Tanzania. The mine which started production in August 2000 produced a record 661,045 oz at a cash operating cost of US$170/oz in 2003, compared with 579,043 oz at US$163/oz in 2002. The upgrade of the crushing and leach tank sections of the processing plant was successfully commissioned in the first quarter of 2003 and the capacity of the plant was increased from 4 Mt/y to 5.6 Mt/y.


Gold Companies
Barrick Gold Corp. (TSX: ABX)

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