Barrick secures 15-year North Mara mining licences in Tanzania
The latest approval removes tenure risk, leaving Barrick to reverse a sharp first-half production decline.
Tanzania has extended Barrick Mining’s licences for the North Mara gold mine for a 15-year term, solidifying the company’s operating rights as it explores expansion options. Located 540 km northwest of Dodoma and 20 km south of Kenya, North Mara is a combined open-pit and underground operation owned by Barrick at 84%, with the remaining 16% held by Tanzania.
The mine generated 249,000 attributable ounces last year, marking a significant 47% drop in first-half production to 68,000 ounces compared to 129,000 ounces a year earlier. Barrick’s share price dipped 1% to $56.84 (US$39.87) as the company faces broader cost increases, including a 79% rise in all-in sustaining costs to $2,283 per ounce.
Despite these challenges, Barrick maintains its guidance for North Mara output between 200,000 and 230,000 ounces and anticipates production to grow in the following year. The company is also evaluating upgrades to address processing bottlenecks and potential expansion of the North Mara-Bulyanhulu complex.
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