Tuesday, 27th February 2007 (2529 views)

'Significant' progress is being made by Barrick Gold Tanzania at the Buzwagi gold project, the company has announced.

The gold project is located near Lake Victoria in Tanzania and is currently awaiting the green light for the next stage of exploration after results of a feasibility study were found to be positive.

In order to effectively develop the Buzwagi area, the mining company must raise around $400 million (£204 million) and in two years time, construction work is due to be completed.

"Tanzania is a core area of development for Barrick and we are committed to building and operating our mines in a responsible manner, ensuring that communities share the benefits of mining," stated Deo Mwanyika, executive director for corporate and legal affairs at Barrick Tanzania.

Working together with the government of Tanzania, Barrick is determined to provide assistance to the local community by way of social development schemes and improving infrastructure.

Work at the site follows the issuance of a mineral development agreement by the Tanzanian government to Barrick Gold Tanzania.

 

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