North Mara is on track to become a fully integrated mine with the planned commissioning of the Nyabirama pit in the current quarter. Speaking of Bulyanhulu, Barrick Gold's Tanzanian mines, North Mara and Bulyanhulu, produced more than 500,000 ounces of gold last year and are listed among the gold producer's Tier 1 assets.
Should the price rise sustainably, these are likely to benefit disproportionately. Due to the still relatively weak gold price, shares of the mining stock can also be acquired at a discounted level. Tembo Gold's market capitalization currently stands at EUR 16.49 million. In a best-case scenario, Tembo Gold could draw a total contingency of USD 45 million from this.
#Tembo gold license
The world's second-largest gold producer committed to investing at least USD 9 million in the newly acquired license area over the course of four years following the closing of the transaction. The future of the partnership with the major also looks bright. Barrick is acquiring a total of 5,518,764 shares, which brings its shareholding in the Company to 5.5%. Upon signing the purchase agreement, Barrick's subsidiary Bulyanhulu Gold Mine Limited agreed to subscribe for common shares of Tembo in a private placement at a price of CAD 0.27 per common share. In addition, Barrick will become a shareholder of Tembo. The mining industry received a boost in mid-December with the news that the second-largest gold producer, Barrick Gold, will initially acquire 6 licenses directly adjacent to Barrick's world-class Bulyanhulu mine in Tanzania from Tembo Gold for USD 6 million. Prior to the shutdown for maintenance and servicing, the deposit size was 110 sq km, which has now been expanded to 174 sq km, and drill targets have also been significantly expanded. Now that a new, mining-friendly government is in power, investment from foreign investors is rolling again, and Tembo Gold also started a 7,000m drilling program in the fourth quarter, following up on previous drilling totaling 50,000m. Due to the previous government, the Tanzanian mining industry experienced a slump and investment flight. The highly prospective Tembo gold project is strategically located in the Lake Victoria goldfield in Tanzania next to one of the largest high-grade gold deposits in the world, Barrick Gold Corp.'s Bulyanhulu mine, with more than 20 million ounces of gold mined or contained to date. On the one hand, after a total of seven years of hiatus, it was important that the drilling programs started again and that there was a chance for a rebound. The course for the exploration company Tembo Gold was set in the right direction twice last year. Tembo Gold - With drive into the new year