A view of the open
pit at Barrick’s North
Mara gold mine
 
Dar es Salaam, Tanzania — MININGREVIEW.COM — 19 August 2009 – Barrick Gold Corporation “’ world gold industry leader with a portfolio of 27 operating mines and 10 development projects across five continents “’ says its North Mara mine in north-western Tanzania is expected to increase production by as much as 24% this year.

“After producing 197 000 ounces at a total cash cost of US$757 an ounce in 2008, latest estimates put expected 2009 output at between 225 000 and 245 000 ounces of gold at much lower cash costs of US$445 to US$495 an ounce,” vice president for Africa Gareth Taylor told Bloomberg News in an interview here.

In March this year, Barrick cut more than 200 jobs and shut one of three pits at the mine, located 100 km east of Lake Victoria, after theft and vandalism had increased costs.

“Our Africa region mined 22 Mt in 2008, and produced 545 000 oz of gold, which was 10% below our 2007 output,” Taylor explained, “but we are expecting African production of anywhere between 710 000 and 800 000 oz this year. This means an increase of somewhere between 30% and 46%,” he added.

The biggest single reason for this rise in output is the fact that the US$400 million (R3.2 billion) Buzwagi mine poured its first gold in early May. “It is expected to produce 200 000 oz in 2009,” Taylor revealed.