Monday, 31st July 2006 (2861 views)

The world's largest gold-producing company, Barrick Gold, has announced that it is looking into the prospect of developing a gold mine in Tanzania, Business in Africa reports.

The project would be located in the Shinyanga Region near the town of Kahama and would require an investment of around $350 million to develop to an operational standard.

Deodatus Mwanyika, the general manager of Barrick Gold's Tanzanian branch, told the Johannesburg news source that the company was awaiting a government license to begin operations and construction at the site.

A development plan has already been approved by Barrick meaning it was up to the Tanzanian government for the next steps in the process.

Barrick Gold has had a presence in Tanzania since 1999, when the Canadian gold company first established itself there. The company recently became the world's single largest gold producer when it acquired Placer Dome earlier this year.

 

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