Tulawaka JV

The Tulawaka mine is a 70/30 joint venture between Barrick and Northern Mining Explorations Ltd respectively. The site is located approximately 1,000 kilometers from Dar es Salaam and 120 kilometers west of Barrick’s Bulyanhulu mine. 

The mine is currently an open-pit operation. Underground development commenced during the second half of 2007 with underground production expected to commence in first half of 2008. The processing operation uses gravity separation technology to recover approximately half the contained gold, with the balance from conventional carbon-in-leach technology. 

In 2007, Barrick’s share of production was 125,000 ounces of gold at total cash costs of $275 per ounce¹. The Company’s share of proven and probable mineral reserves as of December 31, 2007 is estimated at 227,000 ounces of gold².