Former African Barrick plans underground operations at North Mara

Sarama Resources

27/11/2014 07:50

Nov 27 (Reuters) - Acacia Mining Ltd  ABGL.L , which changed 
its name from African Barrick Gold Plc on Thursday, said it 
would apply for permits to begin underground mining at its North 
Mara mine in Tanzania. 
    The company, unveiling its long-term strategy, said the 
underground project was expected to produce 450,000 ounces of 
gold over a five-year mine life at an all-in sustaining cost 
(AISC) of under $750 per ounce.  ID:nPRrR462Ba  
    AISC includes production and exploration expenses. 
    Acacia said it expected underground production from the 
Gorkana pit at North Mara to begin in the first half of 2015. 
    The gold miner also said it had signed an exploration joint 
venture with Canada's Sarama Resources Ltd  SWA.V  to work on  
the South Hounde Project in Burkina Faso.  ID:nPRrR833Fa  
    Apart from North Mara, Acacia has two other producing mines 
in northwest Tanzania - Bulyanhulu and Buzwagi. It also has 
exploration projects in Tanzania, Kenya and Burkina Faso. 
 
 (Reporting by Roshni Menon in Bangalore; Editing by Ted Kerr) 
 ((roshni.menon@thomsonreuters.com; within UK +44 20 7542 1810, 
outside UK +91 80 6749 1136; Reuters Messaging: 
roshni.menon.thomsonreuters.com@reuters.net;)) 
 
Keywords: AFRICAN BARRICK STRATEGY/