The New Luika Gold Mine (NLGM) is a significant gold mining operation located in southwestern Tanzania, near the town of Chunya in the Mbeya Region. Here are key details about the mine:
Overview
– Owner/Operator: Originally owned by Shanta Gold, an East Africa-focused mining company. In 2023, Shanta Gold was acquired by Etruscan Resources (a subsidiary of Saturn Resources).
– Production: The mine has been operational since 2012 and produces approximately 30,000–40,000 ounces of gold annually.
– Reserves & Resources: As of recent reports, NLGM has proven and probable reserves of around 500,000 ounces, with additional resources extending its mine life.
Key Features
– Open-pit and underground mining methods.
– Processing through a conventional carbon-in-leach (CIL) plant.
– Located in the mineral-rich Lupa Goldfield, historically known for high-grade gold deposits.
Recent Developments
1. Expansion & Exploration: Shanta Gold invested in exploration to extend NLGM’s lifespan, including satellite deposits like Luika Deep and Bauhinia Creek.
2. Acquisition by Saturn Resources (2023): The takeover aimed to consolidate assets and optimize production.
3. Community & Sustainability: The mine supports local employment and adheres to Tanzanian mining regulations under the Mining Act.
Challenges
– Tanzania’s evolving mining policies (e.g., increased royalties/local ownership requirements).
– Fluctuating gold prices impacting profitability.
Future Outlook
With ongoing exploration and potential new discoveries nearby, NLGM remains a strategic asset in Tanzania’s gold sector..jpg)
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