(Reuters) - Barrick Gold Corp (TO:ABX) said on Friday Tanzania has awarded 10 new exploration licenses to the Canadian miner and it plans to spend $8 million to carry out exploration in the country this year.
Barrick oversees the management of its assets in Tanzania through Twiga Minerals Corp, a joint venture formed last year between the company and the government of Tanzania.
Twiga Minerals manages the Bulyanhulu, North Mara and Buzwagi mines in Tanzania.
"We are gearing up to potentially make North Mara and Bulyanhulu into a combined Tier One complex, capable of producing at least 500,000 ounces of gold annually for more than 10 years in the lower half of the industry's cost profile," Barrick Chief Executive Officer Mark Bristow said in a statement.
Barrick said it would also be looking to expand the life of operations as well as other new Tanzanian opportunities within the Twiga framework.
(This story corrects syntax in paragraph 1)