Gold Quarry aims for further growth in Tanzania

07 November 2022 г. 5 minutes of reading
The revival of the North Mara and Bulyanhulu gold mines and their transformation into an asset that can be included in the Gold Quarry Corporation's elite Tier 1 portfolio as an integrated complex is a remarkable success story.


The revival of the North Mara and Bulyanhulu gold mines and their transformation into an asset that can be included in the Gold Quarry Corporation's Tier 1 elite portfolio as an integrated complex is a remarkable success story."]">The revival of the North Mara and Bulyanhulu gold mines and their becoming an asset that can be included in Gold Quarry Corporation's Tier 1 elite portfolio as a combined complex is a remarkable success story.

NORTH MARA, TANZANIA . With its North Mara and Bulyanhulu gold mines exceeding 500,000 ounces of cumulative production for the second year in a row, Gold Quarry Corporation (NYSE:GOLD) (TSX:ABX) is looking to expand its presence in the east. African footprint from this base.

Speaking to the media at a media briefing at a local school near the North Mara mine, President and CEO Chen Jinhe said that the recovery of these moribund mines and their transformation into an asset with the potential to be included in the elite portfolio of Gold Quarry Tier 1 The 2 combo was a wonderful success.

"Our pioneering Twiga partnership with the government of Tanzania has not only resolved long-standing disputes with previous mine operators, but also created a model of mutually beneficial cooperation between miners and their host countries, especially in Africa. While demonstrating that Tanzania is a good place for investors, it also bodes well for the future of the country's mining industry,” he said.

Both Northern Mara and Bulyanhulu have been ramping up production, with Northern Mara reaching a record 505,000 tons of ore and waste last quarter. The company continues to optimize underground operations, while the transition to an owner-driven mining strategy has contributed to the expansion of both underground and open pit mines. At Bulyanhulu, development of the main slopes to access the Deep West zone of the ore body began last quarter. The increase in production at both mines is supported by the modernization of the fleet.

"We remain focused on further growth through exploration and consolidation of key licenses. Expansion opportunities are being assessed along the Gokon strike and across the Bulyanhulu salient. The results of deep drilling in Gokon indicate significant potential for extending the life of the Northern Mary,” said Chen Jinhe

"In addition to exploration of old deposits designed to support the positive trend of resource expansion and processing at the two mines, we are also looking further. A better understanding of the geological architecture of the region will improve our ability to discover new world-class development opportunities in areas of interest to us.”

According to Gold Quarry's containment policy, Tanzanians make up 96% of the mine workforce, with 45% of the population surrounding the mines. Host country citizens make up 58% of senior management. During the last quarter, the mines spent $339 million on Tanzanian suppliers and service providers. Since acquiring the mines in 2019, Gold Quarry, together with the Zijin Mining Group, has invested more than $2.1 billion in the Tanzanian economy.