Sub-Sahara Mining & Industrial Journal
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PwC to assist project financing for gold mining at Buckreef

Tanzanian Gold Corporation has engaged PricewaterhouseCoopers Corporate Finance to assist in securing project financing for construction of two gold mining projects at Buckreef, in Tanzania.

In the last 10 years, PricewaterhouseCoopers Corporate Finance provided financial advice on over 4 000 transactions globally and in 2019, was ranked first by deal count by Mergermarket with over 569 deals completed.

“ We have engaged a very talented international finance team with a world recognized ability to help us bring our two gold mining projects at Buckreef into production,” says Tanzanian Gold Corporation executive chairman James Sinclair.

“The PricewaterhouseCoopers Corporate Finance team has worked for several months conducting extensive due diligence and we look forward to working with them during this exciting period,” he adds.

PricewaterhouseCoopers Corporate Finance MD Stephen Mullowney says that Buckreef is uniquely positioned with a significant high-grade resource of +2 Moz of gold, with a shovel ready oxide project and a sulphide project fast tracking through a bankable feasibility study and looks forward to arrange project mining financing of the two gold mining operations.

Buckreef gold project at a glance

An ongoing drill programme along the continuously mineralized 1.2 km long Buckreef Shear Zone has, to date, more than doubled the size of measured and indicated resources to 2.3 Moz of gold. NI 43-101 compliant exploration mining targets contain the potential to add up to another 2 Moz of gold to the Buckreef resources.

Tanzanian Gold is rapidly advancing on three value-creating tracks, simultaneously:

1. Gold production from an oxide processing plant to begin by the middle of May , to operate as a stand-alone plant and mine, separately from the full life of the larger mining and gold sulphide processing operation;

2. The company moves to final feasibility for the gold sulphide operation at Buckreef and now proposes a design more than 3 times larger than modelled in the prefeasibility study of 2018, and which could produce 150 000 to 175 000 ozpa of gold.

3. The company has begun ultra-deep drilling and completed a Level 1 stope design to consider an underground gold mining component at Buckreef.

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