Friday, 23rd March 2007 (2118 views)

Tulawaka gold mine will produce 210,000 ounces of gold in 2007, MDN Northern Mining has projected – almost double the 140,000 ounces the site yielded last year.

MDN holds a 30 per cent participating interest in the Tanzanian mine, which is operated by Pangea Goldfields, a subsidiary of Barrick Gold Corporation.

Gross revenue for 2007 is expected to top $126 million thanks to increased production activity and a higher grade of gold, MDN forecast, factoring in the calculation that each ounce will fetch $600.

Last year's gross revenue was just $88.7 million.

Anticipating a higher quality ore, MDN nevertheless expects to process a smaller volume of tonnage this year – 440,000 tonnes compared to the 2006 throughput of 500,000 tonnes.

Ore quality is projected to average slightly over 15 grams per tonne – a significantly higher concentration than the 9.18 grams per tonne average for the 2006 output.

A series of gold discoveries near the Tulawaka mine will be probed further as the company ploughs the expected revenue into drilling at least 25,000 metres in the Isambara, Viyonza, Msasa, Mnezeki and Isozibi discoveries in the vicinity.

MDN has a controlling interest in 20 mining permits around Tulawaka.

 

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