LAKE VICTORIA, Tanzania Disappointed with first quarter performance at its Bulyanhulu underground gold mine, BARRICK GOLD has made changes aimed at improving productivity and reducing costs.
"In hindsight we ramped up the mining rate faster than we should have, and our performance this year has suffered for it. The changes that we're making will give us the chance to step back, strengthen the operation, and put in place the foundation for the kind of operating and financial performance we all expect from this long-term asset," said Barrick's vice-chairman and COO John Carrington.
Rene Marion is now VP and general manager at Bulyanhulu. His new management team is expected to reduce the mining rate during the second half of the year and eliminate non-essential fixed costs. The team must lower dilution, and increase equipment availability.
In 2002 the mine produced 356,319 oz of gold at a cash cost of US$198/oz. More information about Bulyanhulu and Barrick can be found at www.barrick.com.