African Barrick Gold aims to boost Tanzanian annual output by 43% in 2 years.

By bne IntelliNews April 18, 2012
African Barrick Gold (ABG), Tanzanias largest gold producer, aims to boost its annual production capacity to one million ounces from the current 700,000 ounces in two years, East African Business Week reported. The miner, which runs four gold mines in Tanzania, plans to develop a fifth mining pit at Nyanzaga in the northern part of the country. According to ABGs CEO Greg Hawkins, the Nyanzaga gold mine has high potential, as feasibility studies have shown that the pit could produce an average of 4.2 million ounces a year. He added that once production at the mine starts, Tanzania would become one of the biggest gold producers in Africa. The challenges that ABG is facing in the development of the mine include insufficient power supply and poor infrastructure around the mine. ABG has so far invested over USD 2bn in Tanzania. It employs some 5,400 people in the country.

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