RE: Good news for CAPD this morning13 May 2020 11:21
More good vibes for CAPD. Barrick Gold announced results last week, and this is from the transcript of the CEO's conference call - looks like CAPD's projects in both Tanzania and Saudi Arabia (Jabal Sayid) are all looking good:
Https://www.fool.com/earnings/call-transcripts/2020/05/07/barrick-gold-corporation-gold-q1-2020-earnings-cal.aspx?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article&yptr=yahoo
"And in Tanzania, we've made enormous progress since we established the Twiga joint venture in January, bolstering our partnership with government. North Mara has successfully transitioned from contractor mining to owner mining. Export of the concentrate previously suspended by the government when it was in dispute with Acacia has begun and will be recognized in net income starting in quarter two. In Tanzania, we have now settled most of the key issues between Acacia and the government. However, we still have to deal with some legacy issues that the company left in its wake. I'm confident we'll resolve these. And in the meantime, our initial observations have made us feel quite bullish about resource extensions and new targets around the mine. Elsewhere in Tanzania, Bulyanhulu has sufficient tailings material to keep the plant running while we progress to restart underground mining there on plan later this year. And Buzwagi is also processing stockpiles, and it's interesting that we have discovered some potential new resource opportunities, which are currently being evaluated at Buzwagi. Following the incorporation of Tanzania, we have stepped up our exploration in the highly prospective Central and East African region where we now have a strong presence. While it's early days, we've identified some exciting opportunities. And all I can say is watch this space. As Randgold's track record showed, Africa is a place where one can discover major gold deposits and convert them into world-class mines, while at the same time, making a difference for the better in countries challenged by under development. We have a strong asset base and two Tier one mines there. And while Africa itself still has vast potential, we're also looking further north for growth.
We already have a foothold in Saudi Arabia, and we're looking closely at the Nubian-Arabian Shield, which, while prospective has thus far only delivered one significant gold mine in the form of the Sukari Gold mine in Egypt. In our copper portfolio, Lumwana and Jabal Sayid both increased production and reduced costs. Notably at Jabal, exploration has been very promising, and we have intersected very high-grade mineralization from step-out drilling that point to mine life extensions."
Sign In
Follow the stocks
