Toronto, Canada — MININGREVIEW.COM — January 18, 2008 – One of Tanzania’s biggest gold mining operations – the Tulawaka gold mine – is still on track and destined to meet its 2007 production targets despite heavy rains affecting output in the first quarter of the year.
Tulawaka – a 70/30 joint venture between wholly-owned Barrick subsidiary Pangea Goldfields Inc. and Toronto-listed Minieres du Nord (MDN) –
A news release issued by MDN here says the mine produced 54 251 oz of gold in the fourth quarter of 2007, which was a quarterly production record. It also achieved a 28% production increase from almost 140 000 oz in 2006 to just under 180 000 oz last year. Tulawaka has now produced more than 300 000 ounces since the beginning of operations in March 2005.
The release adds that in 2007, a total of 176 508 oz of gold were sold, entirely in the spot market, at an average price of US$709/oz, compared with an average price of US$606/oz in 2006. Total revenues in 2007 amounted to US$125.1-million, compared with $88.7-million in 2006 – substantial increase of 41%.
The plant facilities processed 433 921 tonnes of ore in 2007 at an average grade of 13.66 g/t of gold, and at a gold recovery rate of 93.57%. The total cash costs for the year were reported to average US$271 to produce an ounce of gold, compared with US$268 in 2006.
The Tulawaka mine has a lifespan of 25 years and the potential to produce about 500 000 oz per annum. It is currently achieving an average head grade of 9.18 g/t, but this year is expected to register a grade of over 15 g/t.
Caption, Pic 1: The pit at Tulawaka gold mine, in Tanzania.