PRLog (Press Release) – Apr 08, 2011 – Strong Results From African Barrick Gold
In February 2011, African Barrick Gold (ABG), Tanzania's largest gold mining concern, announced highly positive preliminary financial results for 2010, although production was slightly lower than expected. The company announced revenue growth of 37.3% y-o-y to US$975mn, while profits were up by a staggering 272%, to US$218mn in 2010, on the back of elevated gold prices.
These stellar financial results came despite the company's relatively poor year in terms of production figures as gold output fell to 700,934 ounces (oz) in 2010, marking a 2% decline from 2009. ABG, which operates solely in Tanzania, saw a decline in output due to falling grades at the Tulawaka mine and reduced production due to fuel thefts at the Buzwagi mine, which accounts for 26.5% of the comp helicop ter technology any's output.
Moving forward, we expect significant growth from ABG, with output set to increase from 700,000oz in 2010 to 1mn oz per annum by 2013. This is based on new projects coming on line and the expansion of existing mines. Over the longer term, the company is also developing the Tusker deposit (which is estimated to hold 2mn oz of high-grade gold), as well as the Golden Ridge project.
Country Overview
The Tanza rc helicopter market place nian mining industry is relatively small in terms of value, but its importance is highlighted by the fact that mining earns a significant share of the country's export revenues. The mining sector contributes approximately 2.7% to annual GDP, but the government wishes to expand this to 10% by 2025. Major foreign investors in Tanzanian mining include African Barrick Gold (ABG) and AngloGold Ashanti.
Tanzania is home to deposits of many metals and minerals, including: coal, cobalt, diamonds, gold, nickel and uranium. The country has long been a significant producer of gold (currently Africa's fourth largest producer) and diamonds. However, in the coming years, we also expect coal, nickel and uranium production to become key sub-sectors of Tanzanian mining output. Indeed, we have long held the view that coal should become one of the fastest-growing mining sub-sectors in Tanzania over the coming years, as the country looks to coal-fired power stations to offset an energy shortage that is holding back its development. The country could also be in a position to export coal in the future.
Industry Forecast
We are optimistic on the outlook for Tanzania's mining industry, currently forecasting average annual growth of 7.7% over our forecast period to 2015. Gold production should increase as new projects are developed, with large-scale commercial coal and uranium mining also likely to commence over the coming garbage compactor review years. Nickel mining should also commence, with two major mining companies developing projects in country.
Lastly, diamond production and exports will fall sharply during 2011, due to the temporary closure of the Williamson mine for redevelopment works. However, once diamond mining resumes in late 2011, we expect diamond output to reach new heights, given mine owner Petra Diamonds' plans to increase output to 600,000 carats per annum over the medium term.
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