Overview -
The Bulyanhulu mine is located in northwest Tanzania, East Africa, approximately 55 kilometers south of Lake Victoria. The property covers an area of 52 sq. kilometers.
The mine was discovered in 1976 and was built in the late 1990s at a cost of $280 million. Commercial production began in 2001. The expected minimum mine life is 24 years.
At the end of 2005, Bulyanhulu had 10.7 million ounces of proven and probable gold reserves. Drill results to date indicate that grades improve at depth. The current reserves are concentrated on one reef but significant exploration potential has been identified on two other reefs on the property. In 2005, the mine produced 311,000 ounces of gold at total cash costs of $358 per ounce.
Bulyanhulu has 1,445 employees and 150 contractors. The mine operates seven days a week, with two 10-hour shifts.
Barrick operates the Bulyanhulu property through its subsidiary, the Kahama Mining Corporation. Kahama pays the government of Tanzania a royalty of 3% on the "net back value" of production and the government has a 15% equity interest in the mine.
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