African Barrick pulls trigger on Bulyanhulu expansion

The board of gold miner African Barrick has given its approval for the expansion of the processing plant at Bulyanhulu, Tanzania.

The new carbon in leach circuit at the plant will add production in excess of 40,000 ounces of gold per annum for the first six years of the project from the first half of 2014, and will continue to boost production thereafter.

"This low risk brownfield project adds near term production at our flagship mine and provides significant flexibility as we look to further grow the production base of this world class asset," said African Barrick's Chief Executive Officer, Greg Hawkins.

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The pre-production capital costs for the project will be

split roughly 30% in 2012 and 70% in 2013. The group is in the process of assessing funding options for the expansion.

JH