East African Business Week

DAR ES SALAAM, TANZANIA - The African Barrick Gold plc, which has four operating gold mines in Africa's fourth largest gold producer, Tanzania, is expecting to double gold output to 2 million ounces by 2024,  up from a projected 1 million ounces in 2014.
  The progress will mean Tanzania is set to earn more foreign income from exports and in taxes greatly enabling the country to expedite its development plans. Mining is one of the leading components in generation of the country's foreign exchange earnings.
  Deo Mwanyika, the ABG's Vice President for Corporate Affairs said, the ABG which has the resource of 30 million ounces in Tanzania produced nearly 700,000 ounces of gold last year.  "We are planning to double output to 2 million ounces by 2024 from the projected 1 million ounces for 2014," he explained.
  The Tanzanian-focused miner, a unit of the world's largest gold miner Barrick Gold Corp, also said it was still targeting more production and progress has so far been good.
  According to Mwanyika, the ABG has invested about $2 billion in Tanzania and has a market capitalization of $3.8 billion.
  He further said that the ABG, which is the largest gold miner in Tanzania, plans to expand its footprint outside Tanzania by making acquisitions.  "We are here for the long haul, but we are also looking at other properties elsewhere in Africa," Mwanyika explained.
  The gold producer also announced the launch of a new community development fund in Tanzania worth $10 million.
  The ABG, listed at the London Stock Exchange has also announced its intentions to cross list at the Dar es Salaam Stock of Exchange before the end of this year.
  According to the company memorandum which was submitted to the Capital Market Securities Authority (CMSA) and DSE for approval in connection with the listing shows that the share capital structure of ABG is not subject to any authorized share capital limitations under English law.
  "The issued and fully paid up share capital of ABG as at the date of this Information Memorandum is 140,085,499 ordinary shares with a nominal value of 10 pence each," the IM said
  Prior to its listing on the LSE, ABG was a fully controlled, wholly owned subsidiary of Barrick. Barrick, through certain of its subsidiaries, continues to hold approximately 74 per cent of issued AGB shares and continues to be the controlling shareholder of the ABG Group.