Tanzania Gold Miner Contributes USD 850 Million To Tanzanian Economy

The largest Tanzania gold producer, African Barrick Gold (ABG), has released a report indicating that it contributed a total of USD 850 million in 2013 to the Tanzania economy.   According to Brad Gordon, the Chief Executive Officer for ABG, the company recorded significant achievements in 2013. “We have a high-quality asset base, solid growth opportunities and a clear strategy to optimize, expand and grow the business,” said Gordon in a recent report by the East African Business Week. ABG is a public company out of the UK that that is listed both on the Main Market of the London Stock Exchange (LSE) and on the Dar es Salaam Stock Exchange (DSE). The mining company, which has operated in Tanzania for more than ten years, currently operates three mines in the northwest region of the country, which reportedly produced 641,931 attributable ounces of gold in 2013. Over the course of ten years, ABG has reported a total historical gold production to more than seven million ounces, making it one of the top five gold producers in Africa. According to the ABG CEO, the company plans to continue to expand and grow. “We have a high-quality asset base, solid growth opportunities and a clear strategy to optimize, expand and grow the business,” he said to East African Business Week, “Our strategy is to maintain a mix of projects at different stages in the exploration and development life cycle."