Toronto, Canada — MININGREVIEW.COM — 05 May 2009 – Canadian and American-listed Barrick Gold Corporation – the international gold industry leader, with the largest production, reserves and market capitalisation – has poured the first gold at its Buzwagi mine in Tanzania.
Making this announcement here, the company confirmed that in 2009 Buzwagi was expected to produce approximately 200 000 ounces of gold at total cash costs of US$320-US$335 per ounce. The mine – one of Tanzania’s largest mining operations – is the sixth Barrick project brought into production on time in the last six years.
For any mining company, a new mine entering production is always an exciting time – particularly for the development team,” said president and CEO Aaron Regent. “The team constructed Buzwagi on time and in line with its budget of about US$400 million (R3.6 billion), and this was achieved with an outstanding safety record.” he added.
Proven and probable gold reserves at Buzwagi are 3.3 million ounces as at year end 2008.
Barrick’s vision is to be the world’s best gold company by finding, acquiring, developing and producing quality reserves in a safe, profitable and socially responsible manner.
Buzwagi is the first of Barrick’s new generation of mines to enter production. Cortez Hills in Nevada is expected to come into production in the first quarter of 2010, and Pueblo Viejo in the Dominican Republic is targeted for the fourth quarter of 2011. Combined, the three projects represent almost two million ounces of production at lower cash costs than the current portfolio average.