Barrick 4th mine set for Tanzania Aug 27, 2008 04:30 AM Barrick...

Barrick 4th mine set for Tanzania

Aug 27, 2008 04:30 AM

Barrick Gold Corp., the world's biggest gold miner, may open its fourth mine in Tanzania in mid- 2009 at a capital cost of $400 million (U.S.).

The development of the Buzwagi mine site in northern Tanzania is on schedule and on budget with 80 per cent of the funds spent, Barrick said yesterday in an email.

"Pre-stripping and other mining activity will start in 2009, with the first gold expected in mid-2009," the company said.

The open-pit mine will have an annual output of between 250,000 and 260,000 ounces of gold at a cash cost of $300 per ounce for the first five years, according to the statement.

The Buzwagi mine has "proven and probable" gold reserves of 3.6 million ounces and 79.5 million kilograms of copper, Toronto-based Barrick said.

The mine will employ 700 people and will have a lifespan of more than 10 years, the company said.

and the next is Nyanzaga with SUBSI