African Barrick Gold Reports More than 640,000 Ounces of Production in 2013

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Written by Richard Finlayson, Senior International Editor for Industrial Info Resources (Sugar Land, Texas)--African Barrick Gold (LSE:ABG.L) (London, England), Tanzania's largest gold producer, reports that in 2013 it produced 641,931 attributable ounces of gold, which contributed $850 million to the national economy.

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The 2013 amount ranks the company as one of Africa's top five gold producers, according to ABG Chief financial Officer (CFO) Andrew Wray.

Labor-based income of $531 million was earned by 61,784 wage employees, said Joseph Sheffu, country manager partner for EY (Ernst & Young), which prepared ABG's economic and tax report. The company's Tanzanian entities paid $71 million in Tanzanian taxes, with their employees paying an additional $66 million on their incomes, purchases and property. Indirect and induced economic activity from ABG's operations contributed an estimated $60 million, Sheffu said.

ABG Chief Executive Officer (CEO) Brad Gordon said the company had a high-quality asset base, solid growth opportunities, and a clear strategy to optimize, expand and grow the business. The company has been operating in Tanzania for more than a decade; during that time it has produced more than 7 million ounces of gold from the combination of open pit and underground mines, to make ABG the country's leading gold producer, he said.

"Our strategy is to maintain a mix of products at different stages in the exploration and development life cycle," Gordon said.

In 2013, ABG's social investments were more than $15 million, covering health, infrastructure and education initiatives, primarily in communities surrounding ABG mines, which are located in northwest Tanzania at Bulkyanhuku, Buzwagi and North Maga.

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