African Barrick sees Golden Ridge as satellite operation to Buzwagi
The Golden Ridge project has the potential to be a satellite operation to African Barrick Gold’s Buzwagi mine in Tanzania, CEO Greg Hawkins said on Monday.
Announcing an initial mineral resource at Golden Ridge, Hawkins said that the project could contribute 50 000 oz of gold to Buzwagi in the next two to three years.
The initial resource consists of 527 000 oz at 2,94 g/t gold in the indicated category, and 152 000 oz at 2,52 g/t gold in the inferred category.
“Over the coming months, our aim is to validate this through the current feasibility study as well as adding to this initial resource,” Hawkins said.
The feasibility study will be completed by mid-year.
African Barrick, which also owns the Bulyanhulu, North Mara and Tulawaka mines in Tanzania, said that Golden Ridge would form a significant part of its target of expanding its existing production base by 40% to over one-million ounces over the next three years.
The London-listed miner produced 700 934 oz of gold last year, which was short of its 716 000 oz guidance.
This article was originally posted on East Africa Business Communities
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