African Barrick Gold , which has four gold mines in Africa's fourth largest gold producer Tanzania, said on Wednesday it was planning to cross-list on the country's bourse by the end of this year.
The Tanzanian-focused miner, a unit of the world's largest gold miner Barrick Gold Corp , said it was planning to increase output from 700,000 ounces in 2010 to 1 million ounces by 2014 and 1.4 million ounces by 2020.
We have made a commitment to cross-list on the Dar es Salaam Stock Exchange. Our initial plan was to cross-list by the end of September, ABG's Vice President for Corporate Affairs, Deo Mwanyika, told a news conference in Dar es Salaam.
We are still targeting cross-listing before the end of this year and progress has so far been good, said Mwanyika.
ABG produced nearly 700,000 ounces of gold last year, Mwanyika said, and has a resource of 30 million ounces in Tanzania.
In July, the firm posted forecast-beating output and a 54 percent jump in second-quarter income, despite setbacks including an armed attack on one of its mines.
We plan to cross-list on the Dar es Salaam Stock Exchange not to raise capital, but to encourage the participation of Tanzanians in the ownership of ABG, Mwanyika told Reuters on the sidelines of the news conference.
ABG is expected to cross-list on the Dar es Salaam Stock Exchange in Q4 2011 after getting approval from the country's exchanges regulator, brokers at the Tanzania bourse told Reuters.
ABG has so far invested around $2 billion in Tanzania and has a market capitalisation of $3.8 billion.
Mwanyika said ABG, which is the largest gold miner in Tanzania, plans to expand its footprint outside the east African country by making acquisitions.
We are here for the long haul, but we are also looking at other properties elsewhere in Africa, he said.
The gold producer also announced the launch of a new community development fund in Tanzania with a $10 million annual budget.