Acacia Mining

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Acacia Mining
Public
Traded asLSEACA
FTSE 250 Component
IndustryGold mining
Founded2000
HeadquartersLondon, United Kingdom
Key people
Kelvin Dushnisky, Chairman
Bradley Gordon, CEO
RevenueUS$751.5 million (2017)[1]
US$(699.2) million (2017)[1]
US$(707.4) million (2017)[1]
Websitewww.acaciamining.com

Acacia Mining (formerly African Barrick Gold plc) is a gold mining business operating in Tanzania, with exploration properties in Kenya, Burkina Faso and Mali. It is listed on the London Stock Exchange and the Dar es Salaam Stock Exchange and is a constituent of the FTSE 250 Index. Acacia's majority shareholder is Barrick Gold,[2] which owns 63.9% of the company.

History[edit]

The business was established as a unit of Barrick Gold when that company started mining in Tanzania in 2000.[3] Barrick's involvement in Tanzania had begun the previous year, when the company purchased the Bulyanhulu property as part of its acquisition of Sutton Resources Ltd. Barrick then acquired Buzwagi and Tulawaka as part of its acquisition of Pangea Goldfields Inc. in 2000. Finally, in 2006, Barrick acquired North Mara, when it took over Placer Dome.[4] The company was floated off by Barrick Gold and first listed on the London Stock Exchange as African Barrick Gold in 2010.[5] The company changed its name to Acacia Mining on 27 November 2014.[6]

Operations[edit]

The Company operates three mines in northwest Tanzania—Bulyanhulu, Buzwagi and North Mara.[5][7]

Bulyanhulu Gold Mine[edit]

The Bulyanhulu Gold Mine is an underground gold mine in the Shinyanga Region of Tanzania, located 55 kilometres south of Lake Victoria.[8] Barrick acquired the project in 1999 when it purchased Sutton Resources and the mine opened in 2001.[9] The opening of Bulyanhulu, Tanzania's deepest mine, made Tanzania the third largest producer of gold in Africa.[10]

Buzwagi Gold Mine[edit]

The Buzwagi Gold Mine is an open pit gold mine in the Shinyanga Region of Tanzania, located 6 kilometres southeast from the town of Kahama. The mine, which opened in 2009, is the second largest mining operation and the largest single open pit mine in Tanzania.[11]

North Mara Gold Mine[edit]

The North Mara Gold Mine is an open pit gold mine in the Tarime District of the Mara Region of Tanzania. The mine, which opened in 2002, was acquired by Barrick through the takeover of Placer Dome in 2006.[12]

References[edit]

  1. ^ a b c "Preliminary Results 2017" (PDF). Acacia Mining. Retrieved 17 March 2017.
  2. ^ Jamasmie, Cecilia (November 27, 2014). "African Barrick is history, changes name to Acacia Mining". Mining.com. Retrieved 27 November 2014.
  3. ^ African Barrick Gold Targets Sh1.3 Trillion in Initial Public Offer (IPO) The Citizen, 25 February 2010
  4. ^ "History". ABG African Barrick Gold. Retrieved 24 July 2010.
  5. ^ a b African Barrick Gold floats at bottom of price range The Times, 19 March 2010
  6. ^ "African Barrick is history, changes name to Acacia Mining". Mining.com. 27 November 2014. Retrieved 27 November 2014.
  7. ^ Acacia Mining website accessed: 19 January 2015
  8. ^ African Barrick Gold website: Bulyanhulu Gold Mine accessed: 22 July 2010
  9. ^ Thomaz, Carla (7 October 2005). "Bulyanhulu Mine". Creamer's Mining Weekly. Retrieved 21 July 2010.
  10. ^ Dean, Roger (22 July 2001). "Tanzania's pot of gold". BBC News. Retrieved 22 July 2010.
  11. ^ "Mining Journal - African Barrick suspends Buzwagi employees". Archived from the original on 2011-07-20. Retrieved 2010-10-16.
  12. ^ "North Mara". tanzaniagold.com. Retrieved 24 July 2010.

External links[edit]