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Barrick Gold (TSX:ABX) (NYSE:GOLD) has handed the government of Tanzania a new airport terminal built at the closed Buzwagi gold mine, in the country’s north, which paves the way for a scheduled airline service in and out of mine’s Kahama airstrip.
The $384,000 terminal, of which Barrick contributed 70% and he Tanzania Airport Authority (TAA) the balance, will serve more than 200 passengers at a time, compared with 25 passengers previously. It will also serve to catalyze economic growth in the region, Barrick said.
The Canadian giant highlighted that its contribution to Tanzania’s economy also includes turning two run down mines, North Mara and Bulyanhulu, into a world-class complex producing gold at a Tier 1 level.
The two assets are part of Twiga Minerals, which is a joint venture between Barrick and the Tanzanian government.
“The Twiga partnership has not only transformed Tanzania’s gold mining industry, it has also re-established the country, well-known as one Africa’s most popular tourism attractions, as a prime investment destination that has a wealth of metal and mineral resources,” Barrick’s president and chief executive Mark Bristow said.
Conversion drilling at both mines has again replenished their reserves after depletion, Bristow said.
At North Mara, the potential for another underground operation is being explored while the optimization of its open cast mine plan is expected to add years to its life.
At Bulyanhulu, there are near-surface opportunities with the potential for increasing production and mining flexibility.
Since the world’s second largest gold company took over both mines in 2019, they have contributed more than $3.4 billion to Tanzania’s economy, Bristow noted.
The Canadian miner said it was also progressing its $40 million pledge to build a 73km-road to the Kahama airport.
The Buzwagi mine was officially closed in July 2022, having reached the end of its operational life.
