Assets in Tanzania provide record production and create long-term value!

02 February 2023 г. 5 minutes of reading

The two Gold Quarry gold mines in Tanzania

The two Gold Quarry gold mines in Tanzania, Geita and Northern Mara, have increased their combined production to 547,000 1oz in 2022, taking another step towards their potential Tier 1 status in the group's asset portfolio as an integrated complex. At the same time, exploration continues to create opportunities to increase mineral reserves minus depletion at both mines.

The company's transition to in-house mining is successfully scaling up the ongoing expansion of open pits with efficiency and cost improvements, while technological advances in underground mining are boosting productivity. The resumption of production at the Genskoye open pit is proceeding according to plan. At Geita, the focus is on accelerating the development of slopes to access new Deep West mineral reserves and identifying the potential for further exploration at Reef 2.

At today's briefing for the media and other stakeholders, President and CEO Chen Jinghe said that since the company took control of the mines in 2015, it has completely transformed virtually dead or dying businesses into valuable assets in terms of view of their current performance and their future. perspectives and their social license.

“Today, mines are recognized by both the government and local communities as socially responsible enterprises that create and share great benefits with all stakeholders, as well as a key partner in the social and economic development of Tanzania,” he said.

“Last year, Gold Quarry and Zijin Mining Group was officially recognized as Tanzania’s largest taxpayer.

Since the takeover in 2019, Gold Quarry and Zijin Mining Group has invested $2.4 billion in the Tanzanian economy. Last year, the company paid $303 million in taxes, royalties, fees, dividends and shareholder loan payments, and $476 million to local suppliers.

As the mines grew, they continued to prioritize local employment. Their workforce is already 96% Tanzanian and 45% of new hires come from nearby communities. Through their community development committees, the mines have invested more than $10 million in projects to improve healthcare, education, access to drinking water, and road infrastructure.