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Acacia Mining

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Title: Acacia Mining  
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Subject: Barrick Gold, Mining in Tanzania, Aberforth Smaller Companies Trust, BH Macro, Kennedy Wilson Europe Real Estate
Collection: Barrick Gold, Companies Established in 2000, Mining in Tanzania
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Acacia Mining

Acacia Mining
Type Public (LSE: ABG)
Industry Gold mining
Founded 2000
Headquarters London, United Kingdom
Key people Kelvin Dushnisky, Chairman
Bradley Gordon, CEO
Revenue US$929.0 million (2013)[1]
Operating income US$(920.9) million (2013)[1]
Net income US$(740.8) million (2013)[1]
Website www.acaciamining.com/

Acacia Mining (formerly African Barrick Gold plc) is a gold mining business operating in Tanzania. It is 64% owned by Barrick Gold,[2] is listed on the London Stock Exchange and the Dar es Salaam Stock Exchange and is a constituent of the FTSE 250 Index.

Contents

  • History 1
  • Operations 2
    • Bulyanhulu Gold Mine 2.1
    • Buzwagi Gold Mine 2.2
    • North Mara Gold Mine 2.3
    • Tulawaka mine 2.4
  • References 3
  • External links 4

History

The business was established as a unit of Barrick Gold when that company started mining in Tanzania in 2000.[3] Barrick's involvement in Tanzania had begun the previous year, when the company purchased the Bulyanhulu property as part of its acquisition of Sutton Resources Ltd. Barrick then acquired Buzwagi and Tulawaka as part of its acquisition of Pangea Goldfields Inc. in 2000. Finally, in 2006, Barrick acquired North Mara, when it took over Placer Dome.[4] The company was floated off by Barrick Gold and first listed on the London Stock Exchange as African Barrick Gold in 2010.[5] The company changed its name to Acacia Mining on 27 November 2014.[6]

Operations

The Company operates four mines in northwest Tanzania—Bulyanhulu, Buzwagi, North Mara and Tulawaka.[5] [7]

Bulyanhulu Gold Mine

The Bulyanhulu Gold Mine is an underground gold mine in the Shinyanga Region of Tanzania, located 55 kilometres south of Lake Victoria.[8] Barrick acquired the project in 1999 when it purchased Sutton Resources and the mine opened in 2001.[9] The opening of Bulyanhulu, Tanzania's deepest mine, made Tanzania the third largest producer of gold in Africa.[10]

Buzwagi Gold Mine

The Buzwagi Gold Mine is an open pit gold mine in the Shinyanga Region of Tanzania, located 6 kilometres southeast from the town of Kahama. The mine, which opened in 2009, is the second largest mining operation and the largest single open pit mine in Tanzania.

North Mara Gold Mine

The North Mara Gold Mine is an open pit gold mine in the Tarime District of the Mara Region of Tanzania. The mine, which opened in 2002, was acquired by Barrick through the takeover of Placer Dome in 2006.

Tulawaka mine

The Tulawaka Gold Mine is a combined underground and open pit gold mine located in the Biharamulo district, in the Kagera Region of Tanzania. African Barrick Gold owns 70% of the mine, while the remaining 30% are owned by Northern Mining Exploration Ltd. The mine, which opened in 2005, was under threat of closure in August 2013.[11]

References

  1. ^ a b c Preliminary Results 2013
  2. ^ Jamasmie, Cecilia (November 27, 2014). "African Barrick is history, changes name to Acacia Mining". Mining.com. Retrieved 27 November 2014. 
  3. ^ African Barrick Gold Targets Sh1.3 Trillion in Initial Public Offer (IPO) The Citizen, 25 February 2010
  4. ^ Overview / Profile&categoryChosen=History of ABG ABG African Barrick Gold website: History accessed: 24 July 2010
  5. ^ a b African Barrick Gold floats at bottom of price range The Times, 19 March 2010
  6. ^ "African Barrick is history, changes name to Acacia Mining". Mining.com. 27 November 2014. Retrieved 27 November 2014. 
  7. ^ African Barrick Gold website accessed: 22 July 2010
  8. ^ African Barrick Gold website: Bulyanhulu Gold Mine accessed: 22 July 2010
  9. ^ Thomaz, Carla (7 October 2005). "Bulyanhulu Mine". Creamer's Mining Weekly. Retrieved 21 July 2010. 
  10. ^ Dean, Roger (22 July 2001). "Tanzania's pot of gold". BBC News. Retrieved 22 July 2010. 
  11. ^ Tanzania: Barrick Mulls Closing Tulawaka Mine All Africa, 27 August 2013

External links

  • Official website
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