Gold mining group Barrick Gold’s North Mara and Bulyanhulu gold mines, in Tanzania, have both been declared as tier-one assets, Barrick said in a statement on January 25.
A tier one gold asset has a reserve potential to deliver a minimum ten-year life, production of at least 500 000 oz/y of gold and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve.
Both mines were in a state of decline when Barrick took over their management two years ago. However, the mines have turned a corner, managing to deliver a combined production of more than 500 000 oz in 2021, thereby meeting a key criterion for their inclusion in the company’s elite tier-one portfolio.
The company said North Mara was on track to become a fully integrated mine following the planned commissioning of the Nyabirama pit during the first quarter and the scheduled start of the Nyabigena pit in the third quarter of this year.