By Alex Bitekeye
African Barrick Gold (ABG) has acquired all shares which were being held by Tusker Company, an Australia-listed company that owns Tusker deposits in Sengerema ward, Mwanza Region.

According to a press statement released yesterday, ABG has paid a total of $71.1 million (about Sh2.1 billion) to Tusker for the acquisition.

“Following the acquisition, ABG’s interest in the Nyanzaga project, which covers more than 350 square kilometers in the Lake Victoria gold fields, has now increased to 100 per cent,” said the statement.
The firm said the take-off would pave the way for an initial six-month drilling programme expected to kick off this month. The Tusker project reportedly has 4.2 million ounces of gold deposits.
ABG is currently seeking to be listed with the Dar es Salaam Stock Exchange (DSE), a move that will allow local investors to participate in the business. The firm is currently listed with the London Stock Exchange.
It expects to produce more than 850, 000 ounces of gold this year compared to 716,000 ounces of last year. There are 16.8 million ounces of gold reserves which were already identified by December 2009, according to ABG.

Add this page to your favorite Social Bookmarking websites